Check this out, via Reuters on the Federal Open Market Committee (FOMC):

"The Federal Reserve has cracked open the door to fewer rate hikes this year," said Adam Button, chief currency analyst at ForexLive. "There is a massive risk-on bid."

For keen ForexLive traders Adam gave the heads up on this pivot well in advance, the day before the FOMC statement, in his preview:

"Even a subtle shift from Powell, or hint at open-mindedness to it, may be all markets need to see to sell the US dollar and buy risk assets. I think that’s the trade on this meeting and that’s what I’ll be watching for," I said concluding the video.

Risk surged, here is AUD/USD, for example:

audusd fomc risk on 28 July 2022