The U.S. dollar rose to a two-year high in late afternoon trades on Wednesday after the Federal Reserve cut interest rate as expected by 25 basis points and its chief Jerome Powell said that the rate cut should not be seen as "the beginning of a lengthy cutting cycle."
In his post meeting press conference, Powell described the rate cut "essentially as a mid-cycle adjustment to policy," and not the beginning of a lengthy cutting cycle. "That is not what we're seeing now, that's not our perspective now," he added.
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Forex News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.