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Barchart
Barchart
Rich Asplund

Dollar Falls Despite Powell’s Hawkish Bias

Powell Bank of England ECB US Federal Reserve Interest Rates Inflation Monetary Policy United Kingdom United States

The dollar index (DXY00) on Wednesday fell -0.46% on bearish technical sentiment, with the dollar index knocking on the door of last week’s 5-week low.  The forex market remains focused on monetary policy differentials, with the ECB and Bank of England continuing to raise interest rates while the Fed is on pause for the time being. 

The dollar on Wednesday shook off bullish factors, including hawkish comments from Fed Chair Powell and a sell-off in stocks.  There were no U.S. economic reports on Wednesday.

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