Powell Testimony: DXY breaks 105, BTC down to 22k as support, new peak rate of 5.60% in futures market

Quick Take

• Powell spoke on March 7
• Powell: New data suggests “the ultimate level of rates is likely to be higher than previously anticipated.”
• “If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes.”
• DXY breaks 105, while other major currencies break down, GBP hits a new low of 1.18
• The new peak rate is 5.60% in the futures market, while 50 bps is the preferred choice for markets for the upcoming FOMC meeting in March.

The post Powell Testimony: DXY breaks 105, BTC down to 22k as support, new peak rate of 5.60% in futures market appeared first on CryptoSlate.