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US Dollar flags commodity currencies; AUD/USD and NZD/USD
The FOMC statement was mundane to say the least. However, Fed Chairman Powell provided some fireworks in the press conference that followed. As it became more and more clear during the press conference that the only thing the Fed was concerned about was inflation spiraling out of control, the US Dollar (DXY) went bid. And after the GDP data release today, it US Dollar hasn’t looked back. chart As a result of the strong US Dollar, Gold (XAU/USD) has been moving lower from recent highs on January 24th at 1853.88 down to current levels near the bottom, upward sloping trendline at 1785. There is also horizontal ... (full story)