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Reporting on key macro data at the time of release.
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FOREX: - As expected the Fed raised the funds rate to 1.5-1.75% on 8-0 vote. The
dots suggested 2 more hikes in 2018 (3 in total) and 3 in 2019. The dots also
suggested the 2018 dots were only 1 away from raising to four hikes.
- A new line added to the statement that said 'the economic outlook has
strengthened in recent months' showed the aggressive Fed are signaling
confidence in a strengthening economy. Usd/Jpy initially touched react lows of
Y106.03, spiked to Y106.52 before fading.
- Fed Chair Powell in the press conference that followed said he expects the job
market to remain strong and rate hikes is a step to moderating Fed policy.
Usd/Jpy later gave back gains to hold Y106.10/15.
- As risk appetite returned amid buoyant equities, yen crosses initially
witnessed strong gains and were seen to underpin Eur/Usd & Gbp/Usd. The pairs
later squeezed to highs of $1.2340/$1.4145 respectively.
- Commodity based ccy pairs also received a welcome relief, Aud/Usd touched
recovery highs of $0.7780, NZD moved back above the 200-dma to NZ$0.7239,
Usd/Cad staged impressive gains to C$1.2897.