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Volatile Session Sees USD Weaken, Powell Hints 75BP Not To Be Common

FOREX
  • The US Dollar traded in a volatile manner following the Fed’s decision to hike rates by 75bp at their June meeting, the largest hike since 1994.
  • Initial weakness, potentially on the sole dissent for a smaller hike, was short-lived with the DXY swiftly reversing course and printing a fresh high at 105.79. In turn, EURUSD headed quickly through the overnight lows to print 1.0359, coming within touching distance of the key bear trigger at 1.0350, May 13 low.
  • Once again there was a swift reversal in greenback sentiment as Chair Powell began his press conference. Following the comments regarding not to expect 75 basis-point moves to be common, markets favoured USD selling and momentum was encouraged by stronger US equity benchmarks.
  • This emboldened the likes of AUD, GBP and NZD which look set to post extremely strong +1.5% recoveries. Additionally, CNH has strengthened 1.25% against the dollar, supported by the better-than-expected activity data overnight.
  • Central bank meetings continue on Thursday with the Swiss National bank preceding the Bank of England. The Bank of Japan round off the central bank slate during Friday’s APAC session.
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