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Market Reports

5:47am, July 27th 2022

Powell Back in the Spotlight

As Wednesday’s trading session gets underway, participants will be preparing for tonight’s key announcement from the Federal Open Market Committee (FOMC). Another rate hike is on the cards and it most likely it is 75bps. However, both 50bps and 100bps are on the table.

In the context of markets, the size of today’s rate increase will not be the main point of focus. Instead, the guidance on future rate moves this year will be what creates the most amount of impact. From the greenback’s perspective, any indication that the pace of increases will significantly slowdown from here could produce some selling pressure. On the flip side, if Jay Powell maintains a hawkish tone and confirms further increases in September and October then we will likely see more bids flow into the US dollar.

The FOMC rate decision will be announced at 7 pm UK time tonight, this will be followed by a statement and press conference from Fed Chairman Jay Powell at 7.30 pm. Any clients exposed to the US dollar in the short term should be aware tonight’s events could create some significant movement and should plan accordingly.

Written by Viv Savani. 5:47am, July 27th 2022

The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

Previous Reports

7:06am, August 3rd 2022

Buck Bites Backs

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8:08am, July 20th 2022

Euro Jumps on 50 bps Speculation

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8:19am, July 12th 2022

Parity Watch

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