By Jeremy Boulton — Mar 08 - 02:45 AM
USD soars in wake of Powell testimony nL1N35G0EK
Peak for U.S. tightening cycle rises towards 5.75%
Interest rates now seen 5% or higher until June 2024
At start Feb EUR/USD traders bet $22 billion on a rise
They added to longs in wake of the NFP shock nL1N35E0GV
They were buying into a falling market as pair slumped 1.1034-1.0533
Since Powell EUR/USD has fallen to 1.0524 EBS
If traders still long - and very likely are - risk of drop heightened
Target for min tech correction Sep-Feb rise is 1.0459
Source:
Refinitiv IFR Research/Market Commentary