Patrick Idquival from Ebury says Powell did his best to be hawkish in his speech when the Fed raised rates by 23bps, but markets weren’t convinced. The BoE hiked rates by another 50bps, as did the ECB, with Christine Lagarde saying that they intend to raise interest rates by another 50bps in march and then wait and see.

Patrick says the expectation for the RBA is 25bps next week and probably the same in March. He says the AUD and NZD made notable breaks to the upside against the USD, but the further upside will be contingent on risk sentiment as well as RBA, and RBNZ expectations.

Watch full interview here