Fed interest rate action fails to support the dollar
At its first meeting of the year, the US Federal Reserve hiked its interest rate by 0.25% to reach 4.75%. According to Fed Chairman Jerome Powell, the regulator's future course of action on monetary policy will depend on incoming macroeconomic data. Markets saw this as dovish sentiment, which led the USD/JPY currency pair to drop. If today's US labour market data is disappointing, the dollar could continue to fall.
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