The NY session started off with a thud but ended with some major fireworks on the back of the highly anticipated FOMC press statement. The Fed left rates unchanged at the 0.00%-0.25% range as expected but their assessment of the economy was decidedly upgraded. The committee characterized economic activity as having “picked up” while their last communiqué noted a mere “leveling out” in growth. Risk trades went gangbusters on the headlines and this coupled with the affirmation that rates will remain “exceptionally low” for an extended period initially weighed on the US dollar as it once again became the proverbial whipping boy. Equities rallied to session highs while EUR/USD touched 1.4845 on the follow. Full text »
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