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USD Drops, Stocks Surge on Fed - But Move Fades Fast

DATA REACT
  • The greenback took a major move lower on the Fed rate announcement, with EUR/USD rallying sharply to rise through the Tuesday highs - as yields fall across the curve. USD weakness has fed into a rally for precious metals, with spot gold adding $15/oz or so to hit session highs at $1739.39.
  • The move has proved positive for US stock markets, with the e-mini S&P surging around 60 points to touch the Asia-Pac session highs before fading.
  • The initial read among markets was dovish, with participants eyeing the Fed's reassurance that rates will stay near zero through 2023, however a much better turnout in projections for inflation, growth and unemployment in 2021 could be countering.
  • Initial move has faded somewhat, with many assets already in reverse. USD is holding the initial move lower, but Treasury futures have given back the bulk of the initial spike higher.
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