Daily FX Wrap Up

The FOMC (Federal Open Market Committee) kept interest rates unchanged following today’s meeting, it was the fourth straight time the FOMC kept rates steady after 17 consecutive increases. The Fed statement after the rates announcement mentioned a slower economic growth forecast due to the significant cooling off in the housing market. But the statement announcing the decision was, if anything, marginally more hawkish than its similar predecessor with the report stating, “Although recent indicators have been mixed, the economy seems likely to expand at a moderate pace”. Following the release the EUR/USD jumped from1.3230 up 55 pips to 1.3285. This might be a short term speed bump for the Dollar’s recent gains while recovering from the multi year lows that hit the Dollar late last month. XPRESSTRADE Analyst David Hilgeman