Federal Reserve causes big USD move

Note: This section contains information in English only.
Source: Dukascopy Bank SA
On June 16, the US Federal Reserve published the Federal Open Market Committee's Statement, Economic Projections and Federal Funds Rate. The main news that the markets reacted to was the revelation in the Economic Projections that the central bank could hike interest rates in 2023, as it expects an end to the coronavirus and growth of inflation.

Quoting the statement: "Progress on vaccinations has reduced the spread of COVID-19 in the United States. Amid this progress and strong policy support, indicators of economic activity and employment have strengthened. The sectors most adversely affected by the pandemic remain weak but have shown improvement. Inflation has risen, largely reflecting transitory factors. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses."

Monetary Policy Statement

Federal Reserve issues FOMC statement

Summary of Economic Projections

Summary of Economic Projections

During the forty minutes following the announcement, the EUR/USD currency exchange rate dropped 100 base points.

Initial Reaction

Larger scale situation

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Actual Topics

Thu, 17 Jun 2021 13:04:33 GMT

21.06.-25.06. Event Historical Reactions

The week's notable macroeconomic events will start with a major and busy day. That day will be Wednesday. On Wednesday, starting from 07:15 GMT up to 08:00 GMT, the EUR most likely will react to the publication of the French, German and common Eurozone Markit Manufacturing and Services Purchasing Managers Indices. Later on, at 08:30 GMT the UK Markit

Thu, 17 Jun 2021 08:54:19 GMT

SNB keeps policy unchanged

On June 17, the Swiss National Bank kept its monetary policy unchanged. In general, the markets expected the bank's decision and the Swiss Franc did not react to the news. Quoting the statement: "The SNB is maintaining its expansionary monetary policy with a view to ensuring price stability and providing ongoing support to the Swiss economy in its recovery from the

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