XAU/USD in correction mode – Commerzbank

The US dollar maintained its gains from February during the first half of the day, but lost ground unevenly in the last trading session when Jerome Powell, the chairman of the US Federal Reserve, took part in a presentation at the Economic Club of Washington, DC.

Jerome Powell, the chairman of the Federal Reserve, began reiterating his hawkish stance, saying they would likely need to make additional interest-rate rises and adding that the process will be "bumpy." The market accepted Powell's idea that the Fed would raise rates in response to data that were stronger than expected. As an instant response, Wall Street surged while the US dollar sank.

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