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Fed lets market down and sinks dollar

Yesterday's press conference by Fed Chair Jerome Powell after a two-day FOMC meeting disappointed the market. Powell once again voiced concern about the state of the labor market and high inflation, but again framed inflation as transitory. Furthermore, he dropped no hints about the timeline for tapering monetary policy.

The EURUSD pair initially reacted by dropping to 1.1770, but the market immediately reversed course and the dollar began to decline against all major currencies, including the euro. The key pair rose to 1.1843 by the close.

The US currency continued to retreat against all major currencies on Thursday. By the time of writing, EURUSD approached the 1.1881 resistance level. In case of a breakout, the next target of 1.1895 could be quickly reached.

Today at 15:00 GMT+3, Germany is scheduled to release the Harmonized Index of Consumer Price for July, with the median consensus calling for a 2.9% increase. This data point will be followed at 15:30 by US Q2 GDP, which is expected to expand by 8.6% YoY.

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