THE DOLLAR IS RAISING AGAIN

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The dollar finished Wednesday higher across the FX board following a volatile American session. The US Federal Reserve was responsible for the hawkish movement, as the central bank issued as expected, but Chairman Jerome Powell was surprised by the white speech. The central bank pulled the trigger by 75 basis points, and the accompanying statement suggested that policymakers would soon slow down QT. “In determining the pace of future increases to the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.” The greenback fell to fresh weekly lows relative to most major rivals as investors rushed to price in a 50 basis point rate hike in December. 

 However, comments from Chairman Jerome Powell brought dollar buyers back to life. Central Bank Head Says Inflation Must Be Lower "Decisively" and added that they were ready to change monetary policy as necessary. He mentioned that slowing the pace of interest rate hikes will become necessary at some point, but also that it may take time for inflation to fall, and therefore the restrictive policy stance should remain for some time. Finally, he added that the final rate level will be higher than previously expected. His words sparked a fifth 75 basis point prospect in December. Stocks fell, yields jumped and the dollar soared. 

 Meanwhile, speculation that China might ease its zero-covid policy was quelled after the country announced new lockdowns, notably one that shut down the world's largest iPhone factory. Surrounding areas included, raised concerns earlier in the day. The EUR/USD pair trades in the 0.9820 price area after posting a fresh weekly high of 0.9975. GBP/USD fell below 1.1400, while AUD/USD trades around 0.6350. The USD/CAD pair is currently moving above 1.3700. The dollar also rose against safe-haven currencies. USD/CHF is above parity, while USD/JPY is trading around 147.80. Gold rose at the beginning of the day. but closed at about $1,636 per troy ounce. U.S. imports of Saudi crude oil rose by 208k bpd to 533,000 bpd for the week ended Oct 28, according to preliminary EIA data, unexpectedly pushing oil prices higher, according to preliminary EIA data. WTI fell amid falling stocks at the end of the day but still closed in the green at $89.20 a barrel.

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