AUD/USD tumbles toward 0.7100 as Powell lifts Dollar demand again

The AUD/USD drops towards 0.7100, down some 1%, as the Federal Reserve holds rates unchanged and Fed Chair Jerome Powell hints he will remain on the Fed’s board after his term ends. At his press conference, Jay Powell congratulated Kevin Warsh on his path to becoming his successor as Fed Chair and clarified he will stay as Governor until a criminal investigation concludes. He added that he will keep a low profile and remain at the Fed after May 15, when his eight-year term as US central bank chief ends.

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