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DXY Consolidating Intra-Day Losses As Fed Less Certain On Future Tightening

USD
  • The USD index weakened ahead of the FOMC rate decision on Wednesday and received another jolt lower as the Fed statement signalled less certainty on future tightening of policy. Despite leaving the door open to more increases, the Fed’s language affirms a meeting-by-meeting approach.
  • Despite the initial blip lower which extended the DXY’s losses to around 0.85%, the index has pared losses since the release. USDJPY traded as low as 134.84 but is back to 135.45 as we approach Chair Powell’s press conference.

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