XE Market Analysis: Asia – Jul 31, 2019

The FX market was very quiet ahead of the FOMC announcement in N.Y. on Wednesday, largely maintaining well-worn ranges. The Dollar later rallied following the Fed announcement, where rates were cut by 25 basis points, as widely expected. The statement cited uncertainty in the global outlook and muted inflation as their rationale for cutting rates. Powell sank stocks and took the USD to highs after he said today’s cut was not necessarily the beginning of a lengthy cutting cycle. There were two dissenters on the FOMC committee.

Source: XE news feed
XE Market Analysis: Asia – Jul 31, 2019