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- Markets largely consolidated ahead of the main event of the day - a pre-blackout period appearance from Fed Chair Powell - who stopped short of market expectations for a dovish hint on future policy.
- By not hinting of further accommodation at March's meeting, Powell boosted Treasury yields and the greenback, prompting a rally to one-mwonth highs for the USD index.
- This worked against most major pairs, pressuring EUR/USD through 1.20 and GBP/USD over 100 pips off the session's best levels.
- Equities spiralled on Powell's neutral and defensive approach to policy, taking the wind out of the sails of commodity-tied and growth proxy FX, prompting AUD/USD to re-circle the week's lowest levels. USD/JPY was the main beneficiary, extending the streak of higher highs to eight consecutive sessions.
- Focus Friday rests on the February jobs report, with the US expected to have added 195k jobs on the month. The unemployment rate is forecast unchanged at 6.3%.