The DXY lacks conviction overnight which is slightly beneath the 93.00 after the prior day’s whipsawing in the aftermath of Fed Chair Powell’s announcement of a new policy framework to target 2% inflation "on average" and in which he noted the Fed will offset periods of weak inflation with inflation above 2% "for some period of time". The announcement initially resulted to a knee-jerk dovish reaction in which USD weakened and yields declined, although this was later reversed as the prospects and tolerance for higher inflation then weighed on bond prices and lifted yields with the USD in tow. Price action in the greenback’s major counterparts have been indecisive with EUR/USD contained between its 100- and 200-hourly moving averages at 1.1817 and 1.1844 respectively, while GBP/USD rebounded off a floor around 1.3200 but with upside limited after senior EU sources noted Downing Street has been warned PM Johnson has under 2 weeks to save post-Brexit negotiations. Elsewhere, USD/JPY was lifted in the wake of the Fed’s new policy framework, while antipodeans benefit due to the indecisive USD, slightly firmer PBoC reference rate and from their high-beta statuses as US equity futures gradually extended on gains which took place overnight.