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Powell stated that he was not in a hurry to cut interest rates, and the US index was boosted in the short term

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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Market Review]: Powell stated that he is not in a hurry to cut interest rates, and the US index will be boosted in the short term." Hope it will be helpful to you! The original content is as follows:

XM foreign exchange market: Powell stated that he was not in a hurry to cut interest rates, and the US index was boosted in the short term

XM foreign exchange market: at 2:00 on May 8, the Federal Reserve announced the results of the May interest rate resolution, and the federal funds rate remained unchanged at 4.5%, in line with market expectations. At the press conference half an hour later, Federal Reserve Chairman Powell answered questions of concern to the market. Regarding the interest rate path, Powell said: Since the current inflation is still higher than the target, the Federal Reserve does not intend to cut interest rates preemptively; Regarding the US macroeconomic, Powell said: The risk of unemployment and rising inflation has increased, and the current monetary policy stance can allow the Federal Reserve to respond to potential economic development in a timely manner; Regarding the accusations of US President Trump, Powell said: We will always only consider economic data, prospects, and risk balance, that's all.

Powell's speech showed the hawkish, dispelling some of the market's doubts and favoring the US dollar index. From five minutes to 2:00 to 2:10, the US dollar index fell sharply from the opening price of 99.56 to 99.36, which means that the expectation of a suspension of interest rate cuts has been fully digested; 2:30~4:15, which is the period during Powell's speech and a period afterwards, the US dollar index soared from the opening price of 99.43 to 99.97 points, approaching the 100 integer mark. The rise of the US dollar index proves that Powell's hawkish remarks have significantly boosted market confidence.

▲XM chart

From the superposition of core CPI annual rate and unemployment rate data in the United States, after September 2022, the high inflation problem in the United States continued to ease, and although the unemployment rate increasedHigh but absolute value is at a healthy level. In March, the annual rate of the US core CPI was 2.8%, falling below the 3% mark, which means that the high inflation imagination is basically over. Moreover, the Federal Reserve achieved the inflation rate decline target without significantly increasing the unemployment rate. At this stage, all economic data in the United States are performing healthily, and the Federal Reserve does not need to adjust its current monetary policy unless Trump's radical policies cause significant fluctuations in the core economic data in the United States.

▲XM chart

On the trend structure perspective, at the daily level, the US dollar index is in a significant short trend. From January 13 to the present, the US index has experienced three rounds of declines, with the first round falling to near the 106 mark, the second round falling to near the 103 mark, and the third round falling below the 100 mark. Every round of decline can break through key support levels, and the bears are strong. From April 21 to now, the US dollar index has entered the adjusted band, with the highest point of the band being 100.35, above the 100 mark. Although the rebound band has crossed the 100 mark, the increase in each round of the period is relatively small, and it is more difficult to start a significant increase in the future.

XM risk warning, disclaimer, special statement: The market is risky, so be cautious when investing. The above content only represents the analyst's personal views and does not constitute any operational suggestions. Please do not regard this report as the sole reference. At different times, analysts' views may change and updates will not be notified separately.

The above content is all about "[XM Foreign Exchange Market Review]: Powell stated that he is not in a hurry to cut interest rates, and the US index is boosted in the short term". It was carefully xmmarkets.cnpiled and edited by the editor of XM Foreign Exchange. I hope it will be helpful to your trading! Thanks for the support!

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Powell stated that he was not in a hurry to cut interest rates, and the US index was boosted in the short term

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Trusted by over 15 Million Traders

The Most Awarded Brokerfor a Reason

Easy Access to 1,400+ Global Assets

market news

Powell stated that he was not in a hurry to cut interest rates, and the US index was boosted in the short term

Related News

XM Forex Trading Platform

CATEGORIES

News

The Most Awarded Broker
for a Reason