The dollar has weakened against a basket of currencies following the Federal Reserve’s monetary policy meeting yesterday.
The Federal Reserve raised the interest rate from 0.75% to 1.0%, in line with expectations. However, the rhetoric surrounding this was less hawkish than expected. Fed Chair, Jerome Powell, denied that a 75 basis point hike could occur in coming meetings. He said, “There is a broad sense within the committee that additional 50 bps should be at the table for the next couple of meetings.”
This more cautious tone has caused the dollar to weaken. Jobless claims figures will be released today ahead of non-farm payrolls tomorrow.
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