Limited Follow-Through Dollar Today After Yesterday's Surge

2026-03-19 08:25:00 ET

The US dollar ( DXY ) rallied strongly during the Federal Reserve’s press conference yesterday as rates jumped in response to what was widely seen as a hawkish hold, especially given Chair Powell’s framing. There has been limited follow-through dollar sales today, but the technical damage inflicted on many pairs has not been reversed. The Bank of Japan, the Swiss National Bank, and Sweden’s Riksbank have announced unchanged policies, as expected, and now attention turns to the Bank of England and the European Central Bank. Neither will move, but how they view the risks is important. We expect both will indicate a lack of urgency....

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