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FOREX: Fed about-face grants reprieve for tarnished greenback
-The Fed decision itself came and went with only a technical change to the
Interest on Excess Reserves (IOER) as the subsequent press conference proved to
be far more eventful for asset prices. Powell stressed that 'transitory' factors
were to blame for lack of inflationary pressure (a point stressed a number of
times during the conference) and highlighted that external headwinds are
lessening, which should help buoy domestic economic factors. Markets read these
comments positively, bidding up a flagging greenback and granting the USD index
its first green session in four. This spared USD/JPY bulls from a break below
the Y111.00 handle and also dragged GBP/USD back from posting a three-week high.
The USD's move further prevented EUR/USD from staging a bullish break, with the
50-dma out of reach for now at $1.1275.
-German retail sales and manufacturing PMIs from across the Eurozone take focus
before the Bank of England rate decision and Quarterly Inflation Report. Weekly
US jobless claims are also due and continental European markets return after May