EncoreFX’s daily market updates are written by our experienced and professional dealing team.
Author: Dennis Li
We foreshadowed earlier in the week of the potential for volatility that could arise from either of the US Fed chair Powell’s speech and/or the G20 on the weekend. Powell didn’t disappoint giving a more dovish speech around midnight our time, signalling the US central bank is nearing an end to its interest-rate hikes. US stocks jumped by 2.50% and the AUD was broadly up against other major currencies with AUDUSD rallying by 1.15%, breaking through 0.7300 on the weaker USD overnight.
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