The FOMC meeting was very important for the US Dollar Index which ended lower by 0.3 percent in yesterday’s trading session. The US Federal Reserve kept the key policy rates unchanged and hinted at the possibility of a rate hike by the end of 2016. Markets believe that Dec’16 would be that month since Nov’16 is when the Presidential Elections will be conducted and the US Fed does not want any unusual volatility.
The US Fed Chairwoman expressed confidence in economic growth, but not enough to make a move this month. The committee also reduced its expectations both for economic growth and inflation this year to 1.8 percent and 4.7 percent respectively from 2 percent and 4.7 percent. All the above factors dented the demand for US Dollar which made an intraday low of 95.32 and closed at 95.67 levels on Wednesday.
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