Short term Analysis on the USD
The DXY has been on a selling spree of late. Today, Powell said that it will take time to achieve the inflation target and that it will maintain its asset purchase program which stands at US$ 1.4 TRILLION per year. The balance sheet exceeds US$ 7 trillion which has never been witnessed before. When Powell was asked about the FEDs QE, he said that the current policy stance is sufficient and there exists flexibility to act more. This gave the DXY some gains during the day with the overall technical aspect pointing at a deeper upward retracement from all the selling. However, the sellers may not give up without a fight with artificial devaluation of the currency.
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