MNI: US HOUSE FINANCIAL SERVICES ANNOUNCES HEARING ON SVB, SIG

MNI BRIEF: Canada Feb Teranet Home Price Index Record -11% YOY

MNI China Daily Summary: Friday, March 17

MNI DATA FORECASTS: Fed, BOE To Lead

Fed Watch

MNI: US FEB INDUSTRIAL PROD +0.0%; CAP UTIL 78.0%

MNI BRIEF: Fed, Treasury, FDIC-Big Banks Back First Republic

MNI BRIEF: Trudeau Justified Using Emergency Act, Judge Finds

MNI: Canada Boosting Health Spending CAD46.2B Over 10 Years

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI: US HOUSE FINANCIAL SERVICES ANNOUNCES HEARING ON SVB, SIG

USDCAD TECHS

Pullback Considered Corrective

AUDUSD TECHS

Corrective Cycle

EURJPY TECHS

Corrective Bounce

US

US Voters Support Bank Rescue Measures But Consider It A "Bailout"

USDJPY TECHS

Short-Term Trend Needle Points South

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Market News Topics

Greenback Falters As Equities Surge Post-Powell

USD
DataEM BulletHomepageBulletMarketsEmerging Markets NewsForeign Exchange News
  • The USD is selling off following comments from Fed Chair Powell, with US yields falling and major equities surging to fresh highs in the aftermath. Mention of “probably” in the main Bloomberg headline of *POWELL: PROBABLY NEED TO DO FURTHER INTEREST-RATE INCREASES is possibly underpinning the dovish reaction but worth noting this is not wildly different to language from the presser.
  • This from last Wednesday’s Q&A: "You know, we've raised rates four and a half percentage points and we're talking about a couple of more rate hikes to get to that level we think is appropriately restrictive. And why do we think that's probably necessary?"
  • Additional multiple mentions to the ‘disinflation process’ providing an additional tailwind as Powell leans into this narrative.
  • EURUSD is now close to 100 pips off the earlier lows and USDJPY has extended losses to 1.6% on the day, further widening the gap with firm resistance met yesterday at the 50-day EMA.
  • In emerging markets, USDMXN has flushed back below the 19.00 handle with the Mexican peso enjoying a relief rally after coming under significant pressure following last Friday’s US data. As mentioned, the trend outlook remains bearish and key support and the bear trigger is at 18.5080.
198 words

To read the full story

Why Subscribe to

MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • The USD is selling off following comments from Fed Chair Powell, with US yields falling and major equities surging to fresh highs in the aftermath. Mention of “probably” in the main Bloomberg headline of *POWELL: PROBABLY NEED TO DO FURTHER INTEREST-RATE INCREASES is possibly underpinning the dovish reaction but worth noting this is not wildly different to language from the presser.
  • This from last Wednesday’s Q&A: "You know, we've raised rates four and a half percentage points and we're talking about a couple of more rate hikes to get to that level we think is appropriately restrictive. And why do we think that's probably necessary?"
  • Additional multiple mentions to the ‘disinflation process’ providing an additional tailwind as Powell leans into this narrative.
  • EURUSD is now close to 100 pips off the earlier lows and USDJPY has extended losses to 1.6% on the day, further widening the gap with firm resistance met yesterday at the 50-day EMA.
  • In emerging markets, USDMXN has flushed back below the 19.00 handle with the Mexican peso enjoying a relief rally after coming under significant pressure following last Friday’s US data. As mentioned, the trend outlook remains bearish and key support and the bear trigger is at 18.5080.