The comments at the end of the meeting of the chairman of the Fed, Jerome Powell, they will be watched for signs of how the central bank will balance the need to contain rising price pressures against weakening the expansion if the economy falters.
“Chairman Powell’s post-decision press conference will be key. If he shows any signs of moderation, markets will push yields and the dollar lower,” Win Thin, global head of currency strategy at Brown Brothers Harriman, said in a report.
“That said, we don’t see any reason for Powell to hedge his bets at this point, so we expect the Fed to move full speed ahead,” he added.
Meanwhile, the euro rose 0.3% to $1.0551, after falling to $1.0548, a low since January 2017.
The dollar also benefited against its peers from safe-haven flows, as the Covid-19 restrictions in China raise concerns about global growth and further supply chain disruptions.
Source: Ambito
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