The recent upward momentum in the Greenback suddenly halted on Wednesday, sparking instead a meaningful correction to the 103.40 region when tracked by the USD Index (DXY) in response to the bearish message from Chief Powell at his press conference after the Federal Reserve left its interest rates intact on Wednesday.
EUR/USD reclaimed the 1.0900 barrier and above. The Dollar plummeted on the dovish tone by Powell. The Federal Reserve kept its policy rates unchanged. The recent upward momentum in the Greenback suddenly halted on Wednesday, sparking instead a meaningful correction to the 103.40 region when tracked by the USD Index in response to the bearish message from Chief Powell at his press conference after the Federal Reserve left its interest rates intact on Wednesday.
However, the pace of subsequent interest rate cuts may differ, leading to potentially divergent strategies for the two central banks. Nevertheless, the ECB is not expected to significantly lag behind the Fed. Based on the FedWatch Tool provided by CME Group, the likelihood of a rate cut in June has risen past 62%.
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