Fed member Williams delivered a speech in the early afternoon that triggered gains on USD market. Williams said that Fed is at or near right place for monetary policy and that US central bankers aren't really talking about rate cuts right now. Williams explained that he is still highly uncertain for the economy and inflation, and that Fed must be ready to hike again if needed. According to Williams, it is premature to even be thinking about timing for rate cuts. A point to note is that FOMC dot-plot released earlier this week suggested 3 rate cuts in 2024.
EURUSD deepened decline after comments from Fed Williams and moved below 50-hour moving average (green line). Source: xStation5
