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Powell saves dollar from crumbling into the month end as USD/JPY rebounds

Yesterday the initial comments from the Fed boss, Jerome Powell, speaking in the post FOMC press conference did the dollar no favours. Much of that was reported on here. However, not long after my final update of the evening, there was one more comment from the Fed boss that proved to be a game changer for the US currency and one that stopped it from really tumbling into the end of the month. Powell said there was little chance of a Fed rate cut in March and it was this comment that sent US bonds tumbling and the USD/JPY rising back above 147.40, from an earlier low at 146.01. The USD/JPY could not hold all that gain into the monthly close and later ended the US session at 149.92 It has traded a range today so far covered by 146.48 to 147.08. It is just now trading at 146.82

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