BREAKING: US100 surges, USD plunges following Powell comments

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The US dollar weakened while equites moved higher after Fed Chair Powell dovish comments. During his speech at the Brookings Institution, Powell said:

Policy will most likely need to remain restrictive for some time.
It makes sense to moderate pace of interest rate increases.
The time to slow the pace of rate hikes could come as soon as the December meeting.
Have made significant progress toward a sufficiently restrictive policy, but still have much ground to cover.
It seems to me probable to me rates need to ultimately go somewhat higher than policymakers thought in September
October inflation data was a welcome surprise, but it will require much more evidence to give reassurance that inflation is actually dropping.
We estimate that the PCE price index rose 6% in the 12 months to October, core PCE rose 5%.
The route ahead for inflation is very uncertain.
Economic activity growth has slowed to well below the longer-run trend, and this must be maintained.

US100 broke above the local downtrend line and is currently testing a major resistance zone at 11700 pts. Source: xStation5

GBPUSD erased early losses and once again approached resistance at 1.20. Source: xStation5

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BREAKING: US100 surges, USD plunges following Powell comments

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