Traders have completely turned their view on the dollar once more as Fed chair Powell has opened the door wide open to rate cuts by the Federal Reserve. In his Congressional testimony, Powell talked about the impact of the slowing global economy, the ongoing trade dispute and muted inflation. Powell seems to have been far more dovish than expected. Coupled with a set of FOMC minutes which suggested that many on the committee were open to more accommodative monetary policy, a July rate cut is now a foregone conclusion. It is just a question of size. The potential for it to be a 50 basis points cut is elevated, ... (full story)