State of the Market: Powell did not repeat Tuesday’s feat

Despite the preservation of an optimistic tone, the speech of the US Federal Reserve Chairman Powell did not have a positive impact on the US currency, despite the fact that the speech remains very optimistic. The decline in the US dollar against its main competitors occured because Powell did not say anything new and specific about raising rates.

As a result of a restrained decline in the value of the US currency, support was given to commodity assets, which affected the growth of commodity currencies. At the same time, optimism about the American continues to persist, although the upward dynamics of the dollar may be slowed by correction.

Graph of the US dollar index. The current price is 90.70.

Hanzenko Anton