The dollar has weakened following ‘dovish’ or cautious comments from Federal Reserve Chair, Jerome Powell, following the two-day monetary policy meeting.
As expected, interest rates were left unchanged at the meeting. However, Powell stated that raising interest rates was “a way away” and that the job market still had “some ground to cover” before the central bank begins to taper monetary policy.
Following these comments, investors will be keeping a close eye on economic data. GDP growth rate for the second quarter of this year will be released later, as well as jobless claims figures.
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.
