Insights

Powell Testimony: DXY breaks 105, BTC down to 22k as support, new peak rate of 5.60% in futures market

exchange68September 13, 2024

0 0 1 minute read

Quick Take

Powell spoke on March 7
Powell: New data suggests “the ultimate level of rates is likely to be higher than previously anticipated.”
“If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes.”
DXY breaks 105, while other major currencies break down, GBP hits a new low of 1.18
The new peak rate is 5.60% in the futures market, while 50 bps is the preferred choice for markets for the upcoming FOMC meeting in March.

Meeting Probabilities: (Source: CME Fed Watch Tool)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.