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Remarkable recovery from US Dollar

Ricardo Evangelista by Ricardo Evangelista
June 26, 2019
in Forex, Markets
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During early Wednesday trading the US Dollar staged a remarkable recovery from a three-month low against other major currencies. This change of direction followed Fed’s chairman Jerome Powell’s speech and press conference on Tuesday, during which he reiterated that the Federal Reserve is independent and will not bow down to political pressure, reaffirming the data dependence governing US monetary policy.

Such a statement reverberated through the markets and appears to have changed the mind set of many investors that had positioned themselves for a 50-basis points interest rate cut in July. The consensus now points to a cut of only 25-basis points and this downgrade in expectations is the main driver behind the current Dollar dynamics.

Photo by Goh Rhy Yan.

Tags: Federal ReserveJerome PowellUS dollarUS monetary policy
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Ricardo Evangelista

Ricardo Evangelista

Has undertaken a number of senior roles in his current employer including running the international desk, responsible for managing sales, customer services and marketing functions for a number of territories, as well as acting as a regular public speaker at events and contributor to TV and other media through interviews and market analysis. Since November 2016 he has been the Senior Executive Officer (SEO) of ActivTrades Dubai branch, having overall management responsibility of the branch. Prior to joining ActivTrades Ricardo worked in the IT and Financial industries.

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