2:19 PM · 27 August 2020

BREAKING: USD drops as Powell announces inflation target change

Long-awaited Powell's speech has begun at 2:10 pm BST. Federal Reserve chief announced a change in how Fed defines its inflation target. Instead of aiming for a 2% price growth, Fed will now aim for average price growth of 2%. This change implies that Fed will allow inflation to run above or below target at times. Apart from that, Powell hinted that employment is now taking priority over price stability. The US dollar took a hit following remarks while Nasdaq jumped above 12,000 pts. Gold has also received a boost.

EURUSD rallied after Powell announced change to Fed's inflation target. Source: xStation5

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