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Fed Chairman Jerome Powell said in his speech that economic growth “is still far from over.” “At this early stage, I would say that the risks of political interference are still narrow,” he added. “Too low support will lead to a weak recovery, creating unnecessary hardship for households and businesses.”
Powell also noted: “The risk of overdoing it so far is less. Even if policies end up being larger than necessary, they will not go to waste. Recovery will be stronger and faster. “
On the economy side, Powell also said the improvement “has softened” and “the risk that the quick initial gains from the reopening could be replaced by a longer-than-expected slowdown in the return to full recovery.”
Market: Dollar and Euro Stays Mixed As Sterlin, AUD Turns Weaker
The sterling is currently performing low due to endless fears over coronavirus infections and the risk of the UK leaving the EU without a deal. The Australian dollar is watching it closely as it is the second weakest after the RBA indicated further policy easing to support employment. On the other hand, the New Zealand dollar is currently the strongest thanks to cross-buying against the Australian dollar.
The Yen is recovering slightly today but remains the weakest in a week. Both the euro and the dollar are ambiguous, but the former is retreating in a broader bullish context, while the latter is trying to partially regain its lost ground this week.
Technically, we are still awaiting further indications to confirm dollar weakness, including 1.3007 resistance for GBP/USD, 0.7209 resistance for AUD/USD, and 1.3259 support for USD/CAD. Gold is pushing the 1920.06 resistance, but we have not seen any major buying through this resistance yet. AUD/NZD is interesting to see.
It is still within the short term downtrend despite various rebound attempts. The fall from 1.1043 is still in favor of the continuation, which could pull the Aussie down elsewhere.
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