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

MNI TRANSCRIPT: Fed Chair Powell's March 22 Press Conference

MNI BRIEF: Fed Considered Pausing Rate Hikes At March Meeting

MNI BRIEF: Fed’s Powell Says Inflation Decline Will Be Bumpy

Coming Up In The Asia-Pac Session on Thursday

EZ/UK Bond Supply Calendar: UK Long APF Sales on Monday

US EIA: CRUDE OIL STOCKS EX SPR +1.12M TO 481.2M MAR 17 WK

MNI: Freeland-Banks Well Capitalized, Budget To Focus Stimulus

MNI BRIEF: Joint European Funds Best Response To IRA-Gentiloni

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

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 Weakness Prevails Following Key US Data

FOREX
EM BulletFixed Income NewsHomepageBulletMarketsEmerging Markets NewsForeign Exchange News
  • Despite early USD strength on Friday, weaker US wage growth combined with a large miss for ISM Service activity have been the main drivers for a substantial greenback turnaround, resulting the in the USD index looking set to post a 1.1% decline on the day.
  • Greenback weakness across the board was evident throughout the US session with the greenback pressing on intra-day lows approaching the week’s close. With a substantial recovery for major equity indices, AUD (+1.85%), NZD (+1.88%) and GBP (+1.53%) are the most notable performers in G10 amid the more optimistic sentiment. This is also filtering through to significant gains for some EM currencies, notably the Brazilian Real and Colombian Peso, both rallying over 2%.
  • Additionally, the Onshore Yuan has traded to fresh trend lows and breached its 200day moving average against the USD in the process. It is worth highlighting that this is the first test of this average since April 2022. This follows an earlier break of the same average for USDCNH, which has gathered downside momentum across the session.
  • Another significant round trip for USDJPY, which after briefly piercing above key resistance at 134.50 before the data now finds itself gravitating towards the 132 handle, substantially trimming the week’s advance following an impressive 525 pip weekly range.
  • With expectations for the next Fed hike size in question, focus turns to Chair Powell who speaks next Tuesday, ahead of the important December CPI print which is due Thursday.
238 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.
  • Despite early USD strength on Friday, weaker US wage growth combined with a large miss for ISM Service activity have been the main drivers for a substantial greenback turnaround, resulting the in the USD index looking set to post a 1.1% decline on the day.
  • Greenback weakness across the board was evident throughout the US session with the greenback pressing on intra-day lows approaching the week’s close. With a substantial recovery for major equity indices, AUD (+1.85%), NZD (+1.88%) and GBP (+1.53%) are the most notable performers in G10 amid the more optimistic sentiment. This is also filtering through to significant gains for some EM currencies, notably the Brazilian Real and Colombian Peso, both rallying over 2%.
  • Additionally, the Onshore Yuan has traded to fresh trend lows and breached its 200day moving average against the USD in the process. It is worth highlighting that this is the first test of this average since April 2022. This follows an earlier break of the same average for USDCNH, which has gathered downside momentum across the session.
  • Another significant round trip for USDJPY, which after briefly piercing above key resistance at 134.50 before the data now finds itself gravitating towards the 132 handle, substantially trimming the week’s advance following an impressive 525 pip weekly range.
  • With expectations for the next Fed hike size in question, focus turns to Chair Powell who speaks next Tuesday, ahead of the important December CPI print which is due Thursday.