Focus back on Powell again

Market reports
Thanim Islam
  • USD gives up gains on falling yields
  • Nothing from Powell yesterday but back to speak today

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Trading around USD was interesting yesterday to say the least. The greenback started the day stronger, with US treasury yields slightly higher in anticipation of an expected hawkish Fed Powell. However, there was disappointment in the afternoon with Powell refraining from discussing an outlook on interest rates. Instead, he commented that members of the Fed must be willing to think beyond mathematic simulations in their economic outlook. USD weakened as a result.


Market rates

* Daily move - against G10 rates at 7:30am, 09.11.23

** Indicative rates - interbank rates at 7:30am, 09.11.23

Data points


  • EUR - ECB Lane, Villeroy, and Lagarde
  • GBP - BoE Pill
  • USD - Bostic, Barkin, and Powell

Our thoughts

Fed Powell will be on the mic again today, and may well express his views on interest rates during a panel on monetary policy challenges scheduled at 7pm this evening. Ahead of that we have Fed speak from Bostic and Barkin, ECB members Lane and Lagarde, and once again BoE chief economist Huw Pill. Weakening US treasury yields and continued gains in equities will likely cause the USD to be marginally weaker today.

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