It was a straightforward reaction to the FOMC meeting yesterday, as the Fed bolstered expectations of a June rate cut. The dot plots still showed 75 bps of rate cuts this year and Powell rounded that off with a more dovish stance overall. As a result, the dollar fell as risk trades soared while gold surged to a fresh record high. In fact, the precious metal is now testing waters above $2,200 after a run to $2,222 in Asia earlier. So far today, markets are following through on the post-Fed reaction with the dollar also in a softer mood. USD/JPY trimmed its run higher from yesterday, now down another 0.5% to 150.50. ... (full story)