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RBA Data Watch

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Initial Greenback Strength Reversing As Powell Begins Presser

USD
  • USD: Initial greenback strength in the aftermath of the statement is reversing now as the markets look through the relatively hawkish sentence that “The Committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 percent.”
  • The focus on "adjustments" being interpreted as downward as well as upward appears to be fuelling the subsequent treasury reversal, resuming the trajectory seen throughout the majority of Wednesday’s trading session, underscored by the plethora of weak US data.
  • As usual, sentiment has been best expressed via USDJPY in the G10 currency space, initially rising to 146.87 and now slipping back to pre-decision levels around 146.40 in recent trade. Lows of the day are at 146.08 and key short-term support remains well defined at 144.36, the Jan 12 low.
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