BUZZ-COMMENT-Dollar technical recovery not upended by the Fed
Jan 30 (Reuters) - The U.S. dollar's technical recovery remains intact after the two-day Federal Reserve meeting reached its conclusion.
The U.S. central bank held interest rates steady on Wednesday and Fed Chair Jerome Powell said there would be no rush to cut them again until inflation and jobs data made it appropriate.
The dollar had briefly popped higher overnight when the Fed dropped a reference to making "progress" on inflation, which was taken as hawkish. Yet Powell used his media conference to say progress was still being made and that rates were "meaningfully" above neutral, implying there was still plenty of scope to cut.
The USD index, which tracks the greenback against a basket of six major currencies, left a long tail on Monday's candlestick, pointing to a rejection of the downside.
The overall scope is growing for further recovery moves to the 109.420 Jan. 17 high. Only a break below this week's 106.960 low would be the sign the recovery is at an end.
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