Breaking: USD surges across the board with EUR/USD erasing 100 pips of gains

Yohay Elam FXStreet

Stocks have turned south and the greenback is on the rise once again. US bonds are in demand.

There are reports that Turkish forces are amassing around Idlib, ready to enter areas evacuated by US troops which are retreating from Syria. However, the Turkish Lira is not suffering from heightened volatility.

It seems like a correction of the Fed-related USD sell-off that we have seen recently.

EUR/USD fell to a low of 1.1458, down over 100 pips from the peak of 1.1569 it recorded earlier in the week.

GBP/USD is trading below 1.2800. It advanced above this level after reports came out regarding a Brexit delay. USD/JPY emerged from the lows and getting closer to 108.50.

Commodity currencies are falling with falling oil prices.

Earlier, the US inflation report came out exactly as expected, with Core CPI at 2.2% YoY.

Here is the EUR/USD chart:

The US Dollar was on the back foot after various Fed officials, including Chair Jerome Powell, sent dovish messages. They acknowledged market volatility and concerns about global growth, calling for patience on rates. Moreover, Powell said there is no specific amount of rate hikes. Raphael Bostic of the Atlanta Fed went as far as opening the door for a rate cut. Bullard took yet another step and criticized the rate hike in December.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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