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Fed leaves US rates on hold- EUR/USD falls
The US Federal Reserve have just announced the outcome of their monetary policy decision. The markets were overwhelmingly expecting no change in the 4.375% mid rate of the Fed Funds. The money markets were pricing around a 99% chance of no change this evening. Well, as you can see, they were not wrong on that . Ahead of this decision, the EUR/USD had traded a range today covered by 1.0383 to 1.0444. The rebound from the earlier afternoon low had delivered a pre-Fed high around 1.0428. The Euro was trading around 1.0418 leading into the decision. The reaction to the outcome has seen it drop back immediately to just below 1.0400. The Fed also tweaked their language in the accompanying statement and that is slightly more hawkish in tone. The vote to keep rates on hold was unanimous. The EUR/USD is now at 1.0406
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