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FOMC’s Powell talks about a September liftoff – USD

Jerome Powell says that if he sees stronger growth  (among other goals), the September meeting would be ideal for a lift off.

The USD responds positively and rises – defying the bad news from the durable goods orders release. It seems that USD bulls are raging – a move that already began in Asia.

— more coming —

He does see some kind of a  slowdown after 2 strong years. He wishes to see more tightening in the labor market and more stable inflation. The Fed remains data dependent, as we knew of course.

The moves  on the rates will be gradual.

  • EUR/USD extends its falls. As we mentioned, when the pair fell on good news, it could further fall on bad news, and this is what happens now.
  • GBP/USD is down below 1.5750. Sterling’s star isn’t shining anymore. The pound was one of the strongest currencies, but has lost it now.
  • USD/JPY continues rising and is already touching 124. It is recovering from the  correction.
  • USD/CAD is at 1.2333. The pair made a big dip on durable goods orders but is climbing all the way back up.
  • AUD/USD is sliding below 0.77. It enjoyed an OK figure from China.
  • NZD/USD continues its free fall and is already all the way down to 0.6820.

In our latest podcast we digest the dollar dove dive, update on Greece and preview next week’s events.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.