Fed hawkish statement pushed dollar high

Fed hawkish statement pushed dollar high

Jan 29th 2015

The FOMC has released its statement on yesterday evening, and its president Janet Yellen announced that the U.S economic activity has been expending, and the labor market conditions have improved. Signaling that the Fed is expected to hike its interest rates soon this year. However she also stressed that the bank should continue to monitor the inflation developments as the U.S central bank has set its main target inflation at 2 %.

Accordingly, the positive comments have pushed the U.S dollar to recover significantly against the Euro and other major currencies. In addition the divergence between the Fed and the European central banks will favor the dollar.

For today, the Dollar remains largely supported after strong U.S. jobless claims data.

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