Euro Advances As Forex Traders Price In Rate Hike Next Week |
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The US dollar fell against the Euro after the Fed held the main interest rate unchanged at 2%, ending a series of 7 consecutive cuts. What happened? Most market participants had expected the Fed to keep the rate unchanged anyway in Wednesday’s FOMC meeting. Initially the dollar traded higher but that subsided and traders began taking their profits on long dollar positions. In the accompanying statement, the Fed said, “Although downside risks to growth remain, they appear to have diminished
Filed under: Fundamental
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