Powell sets a timeline for taper
- A gradual tapering process that concludes around the middle of next year is likely to be appropriate
That comment has started to give the dollar a bid.
Looking at the USDJPY, the pair has moved above both the 100 and 200 hour moving averages at 109.623 and 109.675. The 100 day moving average remains the next key target above at 109.846. The high price just reached 109.80.
The EURUSD has reversed lower and trades at the 1.1700 level. Key support being tested once again
The NASDAQ index has come off it's high and currently trades at 14887.00. The high price for the day reached 14950.12.
The Dow industrial average is up 389 points at 34307.
The S&P is up 43.26 points at 4397.
