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Following a Fed raise signals, the dollar barely gains, while the yen declines

By Rana Gharib
15 Jun,2023
Following a Fed raise signals, the dollar barely gains, while the yen declines

The greenback railed on Thursday Federal Reserve kept interest rates constant on Thursday, but indicated that there might be additional rate increases this year as focus shifted to the European Central Bank's policy anticipated during the day.

After 10 straight rate hikes, the Fed's policy decision ended the streak. However, the projections, or dot plot, showed that officials anticipate two more rate hikes by the end of 2023. Rate decreases in 2023, according to Chair Jerome Powell, are inappropriate.

The dollar index that gauges the greenback versus its major pairs added 0.2% at 103.09, rebounding from the lowest level in four weeks at 102.66 yesterday.

The market is now focusing on other central banks' announcements later this week; the ECB will do so later on Thursday before the Bank of Japan does so on Friday.

EUR/USD muted at at $1.0841 post hitting the highest level in four weeks on Wednesday.

USD/JPY slumped 1% to 141.50, with experts watching for new indications of currency intervention.

 

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