Fed delivers another 75 bp rate hike!
Fed announced a monetary policy decision at 6:00 pm GMT. The US central bank delivered another 75 basis point rate hike, putting Fed funds rate in the 3.75-4.00% range. Decision was in-line with market expectations. Fed said in a statement that hikes are needed until rates are sufficiently restrictive.
Decision was dovish, judging by the initial reaction of the market - the US dollar dropped while equity indices moved higher. Gold moved higher on USD weakness.
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Open account Try demo Download mobile app Download mobile appMarket attention now turns to the press conference of Fed Chair Jerome Powell that is scheduled to begin at 6:30 pm GMT. We will provide live coverage of the presser in the 'News' section on xStation platform!
EURUSD spiked to a daily high following Fed rate decision. Source: xStation5
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