During the press conference, Powell noted that discussions among FOMC members were intense, with significant differences of opinion. He emphasized that the decision on a December rate cut is not predetermined. While the statement itself could be seen as dovish, especially given the end of QT, the uncertainty surrounding the December meeting led to dollar strengthening. The market now shows the probability of a December cut falling to around 70%, down from 90% previously.
EURUSD (M15)
After Powell cast doubt on a December rate cut, markets turned more cautious. Equity indices saw declines between 0.50% and 1.00%, while the dollar strengthened sharply. The EURUSD pair dropped 0.50%, falling back below the 1.1600 level.
Daily summary: Powell is pushing the dollar higher. Now it’s time for Big Tech earnings. 📄
FED Powell Conference (LIVE)
BREAKING: Fed cuts interest rates and will end QT on December 1st 📌
US100 gains ahead of the Fed decision 🖋️
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