GBP/USD is at the mercy of the Fed and U.S. centric information as markets reprice their rate expectations higher weighing negatively on the pound.

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The Crude oil price maintained overnight gains after the US Dollar slid on the interpretation that Fed Chair Powell wasn’t hawkish enough. Inventory data and supply chains also lifted WTI.

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The gold price has mostly ignored the turmoil of US Dollar movements upending other markets this week as the Federal Reserve’s rate path provides the impetus for volatility.

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Did Powell cap interest rate expectations and in turn revive the Dow and other risk benchmarks? More likely, fed rate expectations fueled by last week’s strong data run has likely find a natural equilibrium; but that means risk trends and the Dollar need a new guiding fundamental light to render tentative breaks into viable trends.

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From its peak above 1.1000 last week, EURUSD has produced a significant reversal that has undermined a rising channel/wedge stretching back to November. Yet, bearish momentum started to flag this past session between a leveling of US rates and in the aftermath of remarks from Fed Chairman Powell.

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