EUR/USD reacts to Fed, waits for ECB

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The United States Federal Reserve hiked its Federal Funds Rate by 0.50%. The market consensus forecast was a 0.50% hike, which has brought the rate from 4.00% up to 4.50%. The initial rate hike caused a surge of the US Dollar, drop of the equity markets and surge of peer currencies. The event was followed by the press conference of the Chairman of the US Fed. As the head of the central bank made his speech, the initial move extended and the US Dollar surged, moving the rest of the markets down.

On the EUR/USD chart it resulted in high volatility between 1.0620 and 1.0695. By mid-Thursday the rate had declined and almost reached the support of the weekly R1 simple pivot point at 1.0603 and the 1.0600 mark.

On Thursday, the European Central Bank is set to announce its main refinancing rate and host a press conference. Volatility is going to remain high during the 13:00-14:00 GMT period, as the rate will be released at 13:15 GMT and a press conference will be held at 13:45 GMT.
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