💲USD drops after Fed hikes by 75 basis points

Fed announced a monetary policy decision at 6:00 pm GMT. The US central bank delivered another 75 basis point rate hike, putting Fed funds rate in the 3.75-4.00% range. Decision was in-line with market expectations. Fed said in a statement that hikes are needed until rates are sufficiently restrictive.

Decision was dovish, judging by the initial reaction of the market - the US dollar dropped while equity indices moved higher. Gold moved higher on USD weakness.

Market attention now turns to the press conference of Fed Chair Jerome Powell that is scheduled to begin at 6:30 pm GMT. We will provide live coverage of the presser in the 'News' section on xStation platform!

EURUSD spiked to a daily high following Fed rate decision. Source: xStation5