“U.S. dollar is moving higher as traders prepare for Powell’s press conference.”, — write: www.fxempire.com
According to the Fed, the risks to achieving its employment and inflation goals were roughly in balance. As usual, the Committee stressed that it was “strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.”
U.S. Dollar Index moved higher as traders reacted to Fed Interest Rate Decision. Currently, U.S. Dollar Index is trying to settle above the 108.10 level.
Gold pulled back below the $2750 level as traders focused on stronger dollar and rising Treasury yields.
SP500 declined towards the 6020 level after the release of Fed decision. Traders are worried that Fed may be more hawkish than previously expected.
Traders should note that Fed Chair Powell’s press conference, which starts soon, may have a significant impact on market dynamics.