The dollar had scaled new heights as US yields rose, but it lurched lower after Chair Jerome Powell's press conference.
A lot of prepositioning that has been seen in the market has been reversed because of this. Going into the US Federal Reserve’s meeting, the pre-positioning was bearish and that has flipped over to positive.
The S&P 500 rallied on Wednesday to snap a five-session losing skid after Federal Reserve's policy announcement as the central bank seeks to fight rising inflation without sparking a recession.
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Trends on SGX Nifty indicated a positive opening for the broader index in India with a gain of 126 points. The Nifty futures were trading around 15,796 levels on the Singaporean exchange.
On Wednesday, Indian equity benchmarks failed to end yet another volatile session in the green, scaling fresh 11-month closing lows.
Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details.
First Published: Jun 16, 2022 9:07 AM IST