The multi-month US dollar rally shows no sign of abating with the greenback racking up impressive gains against all of its major rivals. Get your market update from nickcawley1 here:
rally shows no sign of abating with the greenback racking up impressive gains against all of its major rivals. Further confirmation from Fed chair Jerome Powell yesterday that the US central bank will act swiftly to stamp down inflation has given the DXY another boost higher and with little in the way of resistance, the move looks likely to extend further.
Fed chair Powell all but confirmed that interest rates would be hiked by 50 basis points at the May meeting – confirming market pricing – and suggested that similar-sized hikes are likely in the coming months. Mr. Powell also said that ‘there’s something in the idea of front-end loading’, underpinning the belief that the US will hike rates by multiples of 50 basis points at the next few meetings.
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