This week, the US Fed turned dovish and all risk assets like Commodities, Stocks, and EURUSD have a very strong rebound. Two weeks ago, Powell stated stating they are not sure whether the interest rate is tight enough. ironically, now they are saying they are discussing reducing interest rates in 2024.
Last week, EURUSD was volatile and it broke 1.10 and then it dropped back to 1.08. This week we have a few important news announcements for EURUSD and AUDCAD.
Last week, FOMC decided to keep their interest as it is. The comments from US Fed Chairman Powell were quite dovish, which resulted big bounce from EURUSD and break 1.07 level. This week, we have Australia’s RBA Interest rate decision.
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Last week, in the FOMC Interest Rate Decision meeting, Fed raised the interest rate to 5.50% as expected which is in line with market consensus. In the Q&A session, some analysts observed a swift focus on the response of the Fed. Let’s look into some changes in the focus here.