Stocks moved higher. Yields move lower and the dollar falls on Chair Powell's presser

The muted reaction after the interest rate decision, turned to sharp moves as the Powell press conference progressed.

Powell spoke to data dependency going forward.

Along those lines, he cited the June inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term number had risen too fast which forced the 75 basis point hike today. Whether that data point was an excuse to get the rate to the neutral level that the Fed has been craving, we will never know, but price pressures seemed to have eased since that data point. Fed Powell knows that. They want to snuff out inflation. Have a strong employment market to do it.

Having said that, if he is literally dependent on data, with oil prices down since June, commodity prices lower, Walmart reporting of higher inventories and the need to lower prices on some goods as consumers spending goes toward food and still higher gas, it, has traders thinking that "data dependent" will lead the Fed to a slower pace of hikes. In other words, the finish line is in sight.

So:

• Stocks are moving higher. The S&P index is up near 3% and the NASDAQ index is up 4.44%
• US yields are lower. 2 year yield is down 7.7 basis points. The 5 year is down 7 basis points and the 10 year is down to 3 basis points
• The USD has moved lower. The US dollar is trading at sharply lower levels which is good for large multi-nationals (just in time ahead of earnings from Apple, Meta and Amazon over the next two days
• Gold is up $22 in reaction to the lower dollar

Looking at the EURUSD, it has move back above its near converged 100 and 200 hour moving averages near 1.0184, and trades back above the 1.0200 level at 1.0218 currently.

The GBPUSD GBP/USD The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a The GBP/USD is the currency pair encompassing the United Kingdom’s currency, the British pound sterling (symbol £, code GBP), and the dollar of the United States of America (symbol $, code USD). The pair’s rate indicates how many US dollars are needed in order to purchase one British pound. For example, when the GBP/USD is trading at 1.5000, it means 1 pound is equivalent to 1.5 dollars. The GBP/USD is the fourth most traded currency pair on the forex exchange market, giving it ample liquidity a Read this Term has moved above the 50% retracement of the move down from the June high 1.2082, above 1.2100, above the 61.8% retracement at 1.21587 (of the same move down from the June high). The high has reached 1.21853

The USDCHF is below its 100 day MA at 0.96099 and trading to the lowest level since July 4.