EURUSD: The US interest rate outlook is the main weight for curr
Updated
Most Asian currencies fell sharply in the past two sessions, as the market began to reassess the possibility of the Fed cutting interest rates soon. Higher interest rates for longer reduce the appeal of risky, high-yield assets and also limit foreign capital flows into regional markets.
Powell's comments late Sunday reiterated the Fed's earlier message that the economy's resilience gives the bank more room to maintain a restrictive monetary policy. This caused traders to largely abandon expectations that the Fed would start cutting interest rates in March or May.
CME's Fed Rate Tracker shows an 83% chance the Fed will hold rates steady in March and a 35% chance the Fed will hold rates steady in May, up significantly from a 9th chance. 9% was seen last week.
Powell's comments late Sunday reiterated the Fed's earlier message that the economy's resilience gives the bank more room to maintain a restrictive monetary policy. This caused traders to largely abandon expectations that the Fed would start cutting interest rates in March or May.
CME's Fed Rate Tracker shows an 83% chance the Fed will hold rates steady in March and a 35% chance the Fed will hold rates steady in May, up significantly from a 9th chance. 9% was seen last week.
Comment
EURUSD SELL 1.0750-1.0760TP1: 1.0720
TP2: 1.0680
SL: 1.0800
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