Forex Today: Modest US Dollar comeback – by ValBednarik EURUSD XAUUSD CentralBanks Equities
The US Dollar ended Wednesday mixed, as the optimism triggered by US Federal Reservefaded throughout the day. European stock indexes managed to post modest advances, but Wall Street settled in the red. Still, US government bond yields remained steady around Tuesday’s closing levels, limiting the USD strength.European Central Bank
officials were on the wires repeating their hawkish rhetoric. ECB policymaker Klaas Knot said that headline inflation appears to have peaked but added that keeping the current pace of hikes into May could well be needed if underlying inflation does not materially abate. Across the pond, Fed Governor Lisa Cook said that the central bank remains focused on restoring price stability, as inflation is still running too high. She added that they would need a restrictive monetary policy for some time. Also, New York Federal Reserve President John Williams said that the labor market is still very strong and noted that they have more work to do on rates, adding data will determine the path of rate hikes.
AUD/USD is down to 0.6920 as the poor performance of Wall Street weighed on the pair. Finally, USD/JPY advanced, now hovering around 131.40. Spot gold peaked at the beginning of the day at a fresh weekly high of $1,886.31 but quickly retreated, now trading at around $1,874.
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