The US Dollar set a fresh five-month-low, even as Powell took on a hawkish tone in the statement accompanying today’s rate decision. ECB and BoE rate decisions are on the calendar for tomorrow.

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The Federal Reserve announced its last rate decision of 2022 and it offered the ‘pivot’ that many had expected. A 50bp rate hike ended the pace for four meetings of 75bp through November, but that was expected. The real market impact is found in what the expectations are from the Fed heading into 2023.

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EUR/USD has been on a fast track to fresh highs, but might it be nearing an important turning point?

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Yesterday brought a strong intra-day reversal in stocks, exposing a long upper wick on daily candles of SPX, NDX and YM. The big question now is whether the Fed gives bears motivation for follow-through.

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USD/ZAR has continued to decline ahead of FOMC. With South Africa’s inflation easing slightly, the Fed decision could drive the next move. Can the Rand hold gains?

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