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Greenback Pops On Unchanged Guidance, Reverses Gains Quickly

FOREX
  • The USD gapped higher following the in line with expectations 25bp increase from the Federal Reserve. With the Fed still seeing ongoing increases as appropriate, there was an initial relief rally for the greenback, from depressed levels going into the decision.
  • The USD index rose roughly 25 pips, however, initial gains were shortly afterwards with the likes of EURUSD remaining close to the day’s high of 1.0925 approaching Chair powell’s press conference.
    • Technical bulls remain in the driver’s seat here and on the upside, the bull trigger is 1.0929, the Jan 26 high. A break would resume the uptrend, targeting 1.0954 High Apr 11, 2022 and then 1.1022, 3.00 proj of the Sep 28 - Oct 4 - Oct 13 price swing.
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