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Powell's hawkish stance

Powell's hawkish stance | 10 November 2023

10 November 2023, EUR/USD

EURUSD trading plan:

Speaking at an International Monetary Fund conference on Thursday, Powell said the Fed would not hesitate to tighten monetary policy if needed and that the fight to restore price stability had a long way to go. Though the comments did not go much beyond those given after the Fed's Oct. 31 - Nov. 1 monetary policy meeting, some traders believe Powell’s tone was more hawkish compared with those earlier remarks, which contributed to last week's powerful rebound in stocks and Treasuries. Powell seemed to be course-correcting some of the dovish comments from last week and circling back to the idea that the Fed is prepared to raise rates again if they need to.

Investment idea: sell 1.0677 and take profit 1.0615.

David Johnson
Analyst of «FreshForex» company
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