Forex Today: US Dollar buyers not willing to give up – by ValBednarik EURUSD XAUUSD CryptoCurrencies Fed
The US Dollar ended the day mixed across the FX board. The American currency extended its February rally throughout the first half of the day, but shed ground unevenly in the last trading session, as US Federal Reserve Chairman Jerome Powell participated in a moderated discussion at the Economic Club of Washington DC.started repeating his hawkish message, stating they would probably need to do further interest-rate increases adding that the process is going to be “bumpy.
The USD recovered as stocks collapsed to fresh daily lows, but then again changed course and finished the day with substantial gains. European Central Bank policymaker Joachim Nagel said that ECB rate cuts are not on the agenda in the foreseeable future and noted that the central bank’s rates are not yet restrictive. He added that “more significant” hikes are needed. Additionally, Isabel Schnabel Member of the Executive Board of the ECB, said that she intends to raise rates by 50 bps in March.settled at around 0.6940, helped by the Reserve Bank of Australia. The RBA delivered a hawkish message while raising rates by 25 bps.
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