USD Declines on Powell Remarks
After multiple hawkish remarks over the past few days from non-voters members, the Federal Reserve chairman Powell surprised the markets with some dovish remarks.
The Fed Chairman seemed to cast doubt on whether a taper at all this year was a good idea. In short, the Fed might either delay tapering and/or taper by small amount and stretch it over the next year.
In short, its clear that tapering the current QE won't be rushed, which is welcomed by the markets. The US equities at session high so far, while the US Dollar declined further back below 93.00. Such decision might lead to a deeper retracement to the downside towards 92.50, and maybe 92.30's later next week. Yet, this doesn’t mean that the uptrend has changed. Such decline will be another short-term play.