{"id":79640,"date":"2024-04-04T11:18:11","date_gmt":"2024-04-04T08:18:11","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=79640"},"modified":"2025-12-11T17:08:45","modified_gmt":"2025-12-11T15:08:45","slug":"usd-slips-following-fed-chair-powells-comments","status":"publish","type":"post","link":"https:\/\/www.ironfx-cn.com\/nl\/usd-slips-following-fed-chair-powells-comments\/","title":{"rendered":"USD slips following Fed Chair Powell\u2019s comments"},"content":{"rendered":"

The US ADP Non-Farm Employment figure for March vastly exceeded market expectations by coming in at 184k versus the expected figure of 148k. The better-than-expected employment figure appears to have temporarily supported the greenback. Yet the ISM Non-Manufacturing PMI figure for March which was released later on seems to have predominantly impacted the dollars direction during yesterday\u2019s trading session. The PMI figure came in lower than expected implying that the US non-manufacturing industry may be struggling and thus could cast some doubt over the narrative that the US economy remains resilient, thus weighing on the greenback. On a monetary level, Fed Chair Powell\u2019s comments yesterday could be perceived as dovish, with him having stated that \u201cThe recent data do not, however, materially change the overall picture\u2026\u2026.and inflation moving down toward 2 percent on a sometimes-bumpy path\u201d. The comments imply that the Fed may proceed with easing monetary policy, in line with market expectations of 3 rate cuts this year, thus potentially weighing on the greenback. In the commodities market, a meeting between top OPEC+ Ministers kept oil supply policy unchanged. The unchanged oil supply policy could provide some support to oil prices should the group\u2019s members conform with the voluntary oil production cuts set in place.<\/p>\n\n\n\n

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