The dollar has ebbed back toward the lows seen in the immediate wake of Fed Chair Powell’s historic announcement of a shift in its monetary policy strategy, moving to an average inflation target. The narrow trade-weighted USD index (DXY) has receded to a 92.60 low, swinging the post-Powell low at 92.44 back into scope while extending the correction from yesterday’s 93.30 rebound high. Though the Fed’s shift was widely expected, the timing surprised. We and many others assumed it would be outlined at the September FOMC.

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