{"id":105209,"date":"2020-09-23T22:07:16","date_gmt":"2020-09-23T21:07:16","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=105209"},"modified":"2020-09-24T06:24:43","modified_gmt":"2020-09-24T05:24:43","slug":"104429-us-dollar-traces-risk-sentiment-shrugging-off-powells-appearance","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/104429-us-dollar-traces-risk-sentiment-shrugging-off-powells-appearance\/","title":{"rendered":"US Dollar Traces Risk Sentiment Shrugging Off  Powell\u2019s Appearance"},"content":{"rendered":"<ul>\n<li><strong>The Australian ASX 200 rallied 2.42% in the Asian session as investors positioned for a 15-basis points interest rate cut from the RBA at its next meeting in early October<\/strong><\/li>\n<li><strong>Gains in the US Dollar weren\u2019t limited by Federal Reserve Chair Jerome Powell\u2019s testimony before the House Financial Services Committee.<\/strong><\/li>\n<li><span style=\"font-weight: 400;\"><strong>After confirming an Inverse Head and Shoulders pattern the US Dollar Index could advance further<\/strong>.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Safe havens US Dollar and Japanese Yen extended gains versus major peers. Investors digested\u00a0 Federal Reserve Chair Jerome Powell\u2019s testimony before the House Financial Services Committee.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Australian ASX 200 rallied 2.42% as investors assumed that the\u00a0 Reserve Bank of Australia will cut rates by 0.15% at its October 6 meeting.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Gold and silver descended further and US 10-year Treasury yields drifted back under 67 basis points.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">US manufacturing PMI figures for September will be in focus in the US session<\/span><\/p>\n<p><strong>USD Shrugs Off Powell Testimony, Safe Haven Flows Support USD<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Comments by the Fed\u2019s Chair Jerome Powell and by US Treasury Secretary Steve Mnuchin\u2019s\u00a0 before the House Financial Services Committee didn\u2019t prevent the US Dollar from pushing higher, through a\u00a0 key resistance. Rising covid cases and the tightening of restrictions in some European countries dragged on risk sentiment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Powell reiterated the Fed\u2019s accommodative stance and commitment to do what it can, for as long as necessary to support the economic recovery and limit scarring to the economy. With this in mind, there is a chance that the Greenback\u2019s 2.73% rally from the yearly low could turn out to be a counter-trend correction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">US Dollar\u2019s recent spike to an almost 2 month high didn\u2019t coincide with any marked rise in volatility or notable deterioration in credit market conditions. The VIX (CBOE Volatility Index) hovers under 30. The TED spread \u2013 a measure of perceived risk in the financial system \u2013 is under levels seen in late May..<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Consequently, the US Dollar\u2019s rally to fresh monthly highs could come to a sharp end in the coming days, if the relatively gloomy fundamental outlook fails to impact credit market conditions.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Australian ASX 200 rallied 2.42% in the Asian session as investors positioned for a 15-basis points interest rate cut from the RBA at its next meeting in early October Gains in the US Dollar weren\u2019t limited by Federal Reserve Chair Jerome Powell\u2019s testimony before the House Financial Services Committee. After confirming an Inverse Head [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":5647,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1381],"tags":[3135,1398],"class_list":{"0":"post-105209","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-usd","8":"tag-dxy","9":"tag-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>US Dollar Traces Risk Sentiment Shrugging Off Powell\u2019s Appearance - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/104429-us-dollar-traces-risk-sentiment-shrugging-off-powells-appearance\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104429-us-dollar-traces-risk-sentiment-shrugging-off-powells-appearance\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104429-us-dollar-traces-risk-sentiment-shrugging-off-powells-appearance\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"US Dollar Traces Risk Sentiment Shrugging Off Powell\u2019s Appearance\",\"datePublished\":\"2020-09-23T21:07:16+00:00\",\"dateModified\":\"2020-09-24T05:24:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104429-us-dollar-traces-risk-sentiment-shrugging-off-powells-appearance\\\/\"},\"wordCount\":353,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104429-us-dollar-traces-risk-sentiment-shrugging-off-powells-appearance\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100663-gbp-usd-pound-lacks-drivers.jpg\",\"keywords\":[\"DXY\",\"usd\"],\"articleSection\":[\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104429-us-dollar-traces-risk-sentiment-shrugging-off-powells-appearance\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104429-us-dollar-traces-risk-sentiment-shrugging-off-powells-appearance\\\/\",\"name\":\"US Dollar Traces Risk Sentiment Shrugging Off Powell\u2019s Appearance - 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