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Expand chart
Data: Investing.com; Chart: Axios Visuals

The dollar rose to its highest level in more than 2 years after the Federal Reserve's rate cut Wednesday, as currency markets got a reality check about the growth prospects of the greenback against the world's other currencies.

What's happening: Strategists have been expecting the dollar to weaken for the past 2 years, yet it has remained strong against global peers like the euro, pound and yuan. After Jerome Powell's Wednesday press conference, the dollar looks poised to rise to new highs.

Why it matters: President Trump has openly complained about the strong dollar's negative impact on U.S. businesses that generate significant revenue overseas — many of which are also suffering from the trade war. Continued appreciation now seems likely and could prompt action from the White House.

What they're saying: John Doyle, vice president of dealing and trading at Tempus Inc., tells Axios that Wednesday's news conference marks a "recalibration" for investors in the currency markets.

  • If Powell and the Fed stand by the "mid-cycle adjustment" language used during Powell's press conference, the dollar could test its highs from March 2017.

Investors had been factoring in multiple rate cuts from the Fed in the next 12 months, but Powell reset expectations about the direction of U.S. monetary policy versus the rest of the world, Joe Manimbo, senior market analyst at Western Union Business Solutions, tells Axios.

  • "Today’s hawkish rate cut poured cold water on expectations for a series of rate cuts for the balance of the year," he said.
  • What happens next for the dollar will depend on what the other central banks bring to the table, Manimbo added. "If we see forceful action from the ECB in September, if the Bank of Canada joins the action, that could send the dollar flying significantly higher," he said.

Go deeper: Fed cuts interest rates for the first time since 2008

Go deeper

Updated 2 hours ago - World

HRW: Over 100 former Afghan security members dead or missing under Taliban rule

Members of the Taliban movement patrol Kabul's airport in September. Photo: Valery Sharifulin/TASS via Getty Images

The Taliban have "killed or forcibly disappeared" over 100 former members of Afghanistan's security forces since the group took power in August, a Human Rights Watch report published Tuesday found.

Why it matters: Former military members and officials from the ousted government, activists and other Taliban critics are facing peril amid executions driven by revenge — despite Taliban promises of an "amnesty" with no retributions, notes the New York Times, which first reported the news.

5 hours ago - World

Barbados becomes a republic, replacing U.K. queen with president

Combination images of Dame Sandra Mason, president of Barbados, and Britain's Prince Charles at her swearing-in ceremony in Bridgetown, Barbados, late Monday.

Barbados officially became a republic at midnight local time after Dame Sandra Mason was sworn in as the Caribbean nation's first president in a ceremony attended by the United Kingdom's Prince Charles.

Why it matters: Mason replaced Britain's Queen Elizabeth as head of state Tuesday — removing the country's final remaining colonial tie to the U.K. almost 400 years after the first British ships arrived in Barbados.

Right-wingers making McCarthy sweat for future Speaker post

House Minority Leader Kevin McCarthy stands with his Republican colleagues outside the House on Nov. 17. Photo: Stefani Reynolds/Bloomberg via Getty Images

Right-wing elements in the Republican Party are complicating House Minority Leader Kevin McCarthy's attempts to become the next speaker of the House should the GOP take back the majority in 2022.

Why it matters: While McCarthy has worked carefully to build trust among the conservatives who tanked his chances at clinching the speakership in 2015, they're still circling ahead of the next Speaker vote in January 2023.

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