EURUSD declines while U.S. indices erase gains ahead of Fed decision
In less than an hour the Fed will publish its monetary policy decision along with latest macroeconomic projections. It is widely expected that the Federal Reserve will officially present its recent change towards inflation target. One should keep in mind that previous key meeting in June led to rapid sell-off on Wall Street and strengthening U.S. dollar (even though the meeting was considered dovish). The next day U.S. indices fell almost 6%, overall declines amounted to nearly 10%. However, S&P 500 is still recovering from recent sell-off, therefore the index cannot be found near local highs as it was the case in June.
S&P 500 has been erasing gains ahead of Fed decision. During today’s session volatility has been modest though. Source: xStation5
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