I don’t think the FX market is too worried about the US delaying rate cuts. Right now, the market is down to 43 bps this year and a good portion of that is tail risks.
What the market is worried about is Powell saying “we may need to raise rates further”.
He didn’t say that today and as the event ended, the dollar dipped across the board.
Cable 10 mins:
cable 10 mins
US equities are also doing better post-Powell.