A strong US Dollar is no longer consensus amongst market participants – Commerzbank DollarIndex Fed EURUSD Banks
Chair Jay Powell's testimony in front of Congress. Ulrich Leuchtmann, Head of FX and Commodity Research at Commerzbank, analyzes Powell’s remarks.Powell sounded at most as hawkish as he had done two weeks ago. That might not have been on purpose and due to the fact that Powell had to defend the pause in the rate cycle a number of times . To do that he had to use arguments that sounded rather dovish.
The fact that the Dollar is particularly susceptible to bad news can be interpreted as meaning that a strong USD is no longer consensus amongst market participants.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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