The dollar strengthened against a basket of currencies yesterday and is still strong this morning following the Federal Reserve’s press conference.
Fed Chair, Jerome Powell, announced that the interest rate would be left on hold for now but indicated that a hike would take place in March. He said, “I would say the committee is of a mind to raise the federal funds rate at the March meeting assuming that conditions are appropriate for doing so.” He also reaffirmed plans to end bond purchases this month.
Initial jobless claims will be released for the US later, expected to decrease from the previous week.
For more on currencies and currency risk management strategies, please get in touch with your Smart Currency Business trader on 020 3918 7255 or your Private Client trader on 020 7898 0541.
