“Inflation might be transitory”
The GBPUSD has come off from aroung 1.3100 on comment from Powell that inflation might have “transitory factors at work”.
The price on the 5-minute chart has been able to move below the 100 and 200 bar MA on the 5-minute chart at 1.3076 and 1.30628 respectively. Earlier in the day, the price fell below the 200 bar MA but quickly rebounded. The 100 bar MA is now risk for sellers looking for the high to be in place….
The US stocks have move lower with the S&P now negative (-0.05%) and the Nasdaq up 23 points vs +46 or so points at the highs.
US yields have also moved higher with 10 year at 2.493%, down 1 bps. It was down 4.6 bps at the start of the press conference.