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US Federal Reserve cuts Fed Funds by 0.5%- USD/JPY slumps on the news
The most eagerly awaited monetary policy decision from the US Central Bank has just been announced. The Fed has cut their Fed Feds rate by 0.5%. This news has sent the dollar tumbling. The argument for the Fed to cut rates by 0.50% had been garnering traction in recent days, but it should also be noted; there were still many analysts not in favour of such a big move and that includes this one too. As also noted here many times this week, the USD/JPY was set to grab centre stage in terms of immediate FX reactions to the outcome. Well, it has not disappointed. The USD/JPY has tumbled immediately below 141. It has just now fallen to around 140.75, but has since bounced slightly, back abive 141
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