The US dollar fell across the board on Friday, following a highly anticipated speech of Fed Chair Powell in Jackson Hole symposium.
Although Powell did not provide more details about the size and pace of policy easing, as this will depend on incoming economic data, he confirmed that the Fed is on track to start cutting rates, with the cycle likely to commence in September.
The dollar index, which tracks the performance of the US dollar against the basket of major world currencies, fell over 0.6% in immediate reaction to Powell’s speech and hit the lowest in eight months. Fresh bearish acceleration is now pressuring targets at 100.29/18 and 100.00 , violation of which would signal and end of wider multi-month range and spark stronger drop.
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