US recap: EUR/USD firm after Fed, BoJ-boosted yen still biggest mover
USD/JPY bears in control, Powell tees up Sept cut
AUD/USD-Shorts cede some ground but still in charge after the Fed
July 31 (Reuters) -The dollar index fell on Wednesday as the Fed held rates steady as expected but signaled the potential for a September cut, though the market's reaction to the BoJ remained the dominant mover on the day.
The Fed said there had "been some further progress toward" in returning inflation to their 2% target, while the policy statement softened its tone by describing the level of price growth as only "somewhat elevated."
The statement also said the FOMC is attentive to risks on both sides of its dual mandate, a change from June when it was "highly attentive" to inflation risks.
Powell was more explicit in his news conference, saying that policymakers were getting closer to being at a point where they could reduce rates, but they were not quite there yet, adding that it was a question of seeing more good data.
Overall, the major currencies showed little immediate reaction to the statement but began to push the dollar lower after Powell addressed the possibility of rate cuts.
Policymakers will have more opportunities to signal willingness to cut at their Sept. 17-18 meeting -- or pull back expectations of easing -- with investors likely to focus on the Aug. 24-26 Jackson Hole symposium.
U.S. Treasury yields were 4-6bp lower across maturities.
The S&P 500 was up 1.95%, with the outcome of the Fed meeting doing nothing to derail expectations of a September rate cut.
WTI vaulted 4.38% higher after the killing of a Hamas leader in Iran ratcheted up tensions in the Middle East and a sharp drawdown in U.S. crude stockpiles.
Copper rallied 2.91%, having hit a one-week high on the weaker dollar and calls to boost consumption at a meeting of China's top decision-making body as the manufacturing sector continued to slow down.
Gold was 1.05% higher and on track to register its best month since March, led by geopolitical concerns and hopes of an interest rate cut in September.
Heading toward the close: EUR/USD +0.15%, USD/JPY -1.55%, GBP/USD +0.19%, AUD/USD +0.19%, USD/CHF -0.52%, GBP/JPY -1.46%, EUR/JPY -1.34%, AUD/JPY -1.32%.
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(Burton Frierson)
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