Federal Reserve waits for more data

Source: Dukascopy Bank SA


On Wednesday, at 18:00 GMT, the US Federal Reserve kept its base interest rate at 5.50%. The initial announcement caused a minor strengthening of the value of the US Dollar.

The rate announcement was followed by the press conference of the Chairman of the Federal Reserve, Jerome Powell, at 18:30 GMT. In general, the head of the Fed revealed that the central bank is still waiting for data to cut interest rates. Moreover, the strong economy indicates that it could be done, if inflation continues to go down. In addition, the central bank is now officially admitting to watching the US employment data instead of just inflation for future guidance.

During the commentary of the head of the Fed, the US Dollar went down 40 base points. The decline continued overnight. However, by mid-Thursday the losses were recovered, as the USD was back near 104.20.
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