What a trading day!
Market participants rushed to reprice Federal Reserve rate hike expectations after Fed Chair Jerome Powell’s hawkishness strengthened the U.S. dollar which rose to fresh highs against its counterparts. Powell stated the ultimate rate peak is likely to higher than expected and the Fed is ready to increase the pace of rate hikes if needed. This was enough for traders to go short in the euro, cable and DAX, providing us a very good profit yesterday.
Generally speaking, the dollar looks to gain further now.
The British pound looks primed for a next leg down as it attempts to break below 1.18-support. The strong bearish candle in the cable’s daily chart suggests similar.
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