Currency Pairs Analysis: Euro Lower In Light Of Fed Anouncement
ICM Brokers | Jan 29, 2015 01:55AM ET
EUR/USD
The euro remained lower against the U.S. dollar in quiet trade on Wednesday, as investors remained cautious on the Federal Reserve's highly-anticipated policy statement. The Federal Reserve said the domestic economy was growing at a solid pace, signaling it remains on track to raise interest rates later this year. In economic news, the German research institute, Gfk said its Consumer Climate Index rose to 9.3 this month, above forecasts for 9.2 and up from a reading of 9.0 in December.
GBP/USD
The pound was almost unchanged against the U.S. dollar on Wednesday, hovering close to one-and-a-half week highs as market sentiment improved on the Federal Reserve's policy statement. The Federal Reserve said the domestic economy was growing at a solid pace, signaling it remains on track to raise interest rates later this year. Meanwhile. the single currency remained vulnerable as markets shrugged off data on Tuesday showing that U.K. gross domestic product expanded by 0.5% in the final three months of 2014, below forecasts for growth of 0.6%.
USD/JPY
The dollar was mostly supported against Japanese yen on Wednesday, as investors eyed on Federal Reserve meeting, with the bank expected to stick to its pledge to be patient on tightening monetary policy.
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