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The US dollar remained firm after Federal Reserve Chair Jerome Powell pushed back on aggressive easing bets. Powell indicated a shallower path for US interest rates than the FX markets had anticipated, which supported the dollar's strength ahead of payroll data. Powell's comments suggested two quarter-point rate cuts this year if the economy evolved as expected. This stance lifted the dollar yesterday, and the firmer tone continued into today's trading activity.
British pound steadies after dropping on Middle East escalation https://t.co/OuAzG9Vyas via @Reuters https://t.co/CIj77RHiKC
US dollar firm as war widens in Middle East https://t.co/rG8UIc6yO4 via @Reuters https://t.co/zhh5EdLE4m
Fed Chair Powell showed little sense of urgency and seemed to endorse the recent dot plot that implied two quarter-point rate cuts this year if the economy evolved as expected. This lifted $USD yesterday and the firmer tone carried into today's activity. https://t.co/bjnMc0LVqz
