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Not to mention, Fed Chair Powell retired the “not talking about talking about tapering” phrase, noting that this was the “talking about talking about” meeting.
Precious metals plunged sharply due to the increased threat of an expedited Fed taper timeline with gold price action tumbling -5.88% to trade back in the red year-to-date.
As for major stock indices, the S&P 500 Index notched its worst week of losses since 22 February after falling -1.91% on balance.
Beyond the US stock market, the DAX, FTSE 100, and EU STOXX 50 slid -1.56%, -1.63%, and -1.05% respectively.
Looking to the week ahead on the DailyFX Economic Calendar, we see that the release of monthly PMI data is scheduled for release.
That said, often dovish-leaning Fed Chair Jerome Powell and NY Fed President John Williams might undermine recent US Dollar strength by talking down taper risks during their scheduled speeches next week.
Last week’s updated Federal Reserve dot plot, suggesting two US interest rate increases in 2023, could be a game-changer for EUR/USD.
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