US Federal Reserve announces Federal Funds Rate

Source: Dukascopy Bank SA


On Wednesday, at 19:00 GMT, the US Fed Funds Rate was released. The event rocked the financial markets causing major volatility.

The market consensus forecast was that the US Fed would keep its Federal Funds Rate at 5.50%. As expected, the rate was kept at that level. The US Dollar index reacted to the initial rate announcement with a sharp drop to levels near 103.10.

Afterwards, the Chairman of the Federal Reserve Jerome Powell hosted the follow up press conference, reading the Federal Open Markets Committee statement and answering journalist questions. Up until the question and answer session, the Dollar index reached the 103.00 mark.

During the Q&A session the Dollar firmly traded below the 103.00 level and represented the incoming United States monetary policy easing.
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