Swift Dollar Turnaround: Key Takeaways from Fed Chairman Powell's Press Conference

Swift Dollar Turnaround: Key Takeaways from Fed Chairman Powell's Press Conference

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『Join Everything Trading Today for FREE! 😱 Subscribe Now at https://everythingtrading.com 』 Dive into the dynamic realm of financial markets with our expert speaker, Daniel Ang, by joining Everything Trading Daily Market Movements. Gain exclusive insights and stay ahead of market trends. --------------------------------------------------------------------------------------------------------- ▶️ Short-Term DXY Outlook – Thursday, November 2, 2023 ◀️ The Dollar turn-around was swift and dramatic after the press conference by the Fed chairman Powell following the end of a 2-day meeting by the Federal Open Market Committee (FOMC) this morning. This is because traders get a sense the Fed is done hiking despite the Fed chair leaving the door open for further hikes. The FOMC left rates at 5.25% - 5.50% range where they have been since July. The Dollar Index (DXY) eased to 106.64 from a 1-year high of 107.34 in early October. This morning, the index fell further to 106.45 at the point of writing.