Dollar Selloff after FOMC Meeting Reflects 75 bps Rate Cuts View

Thursday, 21 March 2024, 08:01

The dollar fell across the board after the FOMC meeting, triggering market reactions. EUR/USD and GBP/USD are up, while commodity currencies are benefiting from stronger risk sentiment. USD/CAD faces rejection at 1.3600 level, slipping below moving average. SNB and BOE meetings to watch after Fed's actions.
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Dollar Selloff after FOMC Meeting Reflects 75 bps Rate Cuts View

Dollar Selloff after FOMC Meeting: Impact on Markets

The dollar sold off after the FOMC meeting yesterday, as Fed chair Powell let the doves out to play. Policymakers retained the dot plots view for this year, reflecting 75 bps worth of rate cuts. In FX, the dollar fell across the board, and commodities currencies are benefiting from the stronger risk sentiment.

In EUR/USD, the pair is up by 0.1% while GBP/USD is trading flat. USD/CAD faces rejection at 1.3600 level, slipping below its 200-day moving average at 1.3483.

Upcoming SNB and BOE meetings are anticipated after the Fed's actions to watch the market developments.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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