Trading news

USD TUMBLES ON POWELL’S TESTIMONY, BOC KEEPS RATES STEADY

The dollar tumbled against all the other G10s yesterday after Fed Chair Jerome Powell said that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the US economic outlook, thereby bolstering the case for a rate cut at the Fed’s upcoming meeting. The Bank of Canada kept rates unchanged, noting that their current level appears appropriate, but appeared concerned with regards to the effects of global trade tensions. As for today, Powell will present his testimony before Senate, while the US CPIs and the ECB minutes are due to be released.

 

USD SLIDES, EQUITIES RALLY, AS POWELL SETS THE STAGE FOR A JULY RATE CUT

The dollar tumbled against all the other G10 currencies yesterday and responsible for that was Fed Chair Jerome Powell. The greenback tumbled the most against NOK, NZD and JPY in that order, while the currency against which it underperformed the least was CAD.

USD performance G10 currencies

Yesterday, Powell presented his semiannual testimony before the House Financial Services Committee of the US Congress, but the dollar took the hit earlier, at the time Powell’s prepared text was made public. In our view, the point at which the market locked its gaze was the paragraph saying that since the previous meeting, “based on incoming data and other developments, it appears...

JFD Review

Thursday, 11 Jul, 2019 / 8:27

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Source : https://www.jfdbank.com/en/research/usd-tumbles-on-powells-testimony-boc-keeps-rates-steady-20190711

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