Overnight Wrap | Chair Powell sticks to the Earlier Script | USD Lower as expected - JPY, EUR,AUD Performs | Stopped on GBP | JOLTS | ADP
USDJPY / EURUSD / AUDUSD broadly performed in line with expectations as highlighted in the view earlier with strong gains in JPY and w e hit our SL on the GBPUSD trade. USDINR is seeing a rounded top technical formation and we may be breaking out lower. Today's close will be important and then the next immediate support is seen as 82.66. Fed Chair Powell's testimony offered nothing new - Fed believes that they are peak of the tightening cycle. T he statement reflected a cautious approach to monetary policy, with a recognition of the uncertainty surrounding the economic outlook and a focus on achieving the central bank's inflation target while supporting economic growth and employment and the delicate balance that policymakers must strike. The statement acknowledged that if the economy continues to develop as expected, there may be a need to start easing the current policy stance at some point during the year. The Central Bank would follow a data driv...