The USD/JPY pair has peaked at 108.36 this Tuesday, its highest in seven weeks during Asian trading hours, but spent the rest of the day consolidating a few pips below that level.
The selling bias around the Australian Dollar (AUD) gathered traction, pushing the AUD/USD pair down to session lows near 0.6850 after a forward-looking indicator showed the Australian economy will continue to operate at a below-trend growth pace into late 2019 and early 2020.
GBP/USD created a bullish outside bar candlestick on Tuesday, signaling a continuation of the recent rally. The outlook would turn bearish if the pair closes below Tuesday's low of 1.2392, in the face of a less dovish Fed outcome.
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Mr. Powell warned against assuming that this was the beginning of a rate cutting cycle. “That is not what we are seeing now, that’s not our perspective now.’ He noted that the Fed has gradually moved to a more accommodative policy this year from a rate increase last December to a pause for several months and then to this cut. The dangers that the Fed sees facing the American economy are not homegrown but are global and trade factors from the China dispute and Brexit to the worldwide slowdown in growth.
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