EUR/USD: FOMC Statement and Federal Funds Rate

The European Common Currency depreciated against the US Dollar, following the FOMC Statement release on Wednesday at 18:00 GMT. The EUR/USD exchange currency rate lost 15 pips or 0.13% right after the release. The Euro continued trading at the 1.1110 level against the Greenback.

The Federal Reserve released the US Federal Funds Rate data, which came out in line with the expectations of 1.75%.

According to the official release: "Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In light of the implications of global developments for the economic outlook as well as muted inflation pressures, the Committee decided to lower the target range for the federal funds rate to 1-1/2 to 1-3/4 percent."