Forex Today: Fed’s hawkishness boosts the US Dollar – by ValBednarik EURUSD XAUUSD CryptoCurrencies Fed
maintained its hawkish bias, accelerating its advance by the end of the American session and following the Federal Open Market Committee Meeting Minutes. The document showed thatwhile some believed there was an elevated risk of a recession in 2023. More relevant, all participants agreed more rate hikes are needed to achieve the inflation target while also favor further Fed balance sheet reductions.
Stock markets, in the meantime, suffered from geopolitical tensions throughout the day, dipping further in the red with the FOMC statement. China’s top diplomat, Wang Yi, said on Wednesday that his nation is ready to deepen strategic cooperation with Moscow adding their relationship will not succumb to pressure from other countries.
The EUR/USD pair flirts with the 1.0600 level by the end of the American session. Earlier in the day, In Europe, Deutsche Bank lifted its forecast on the European Central Bank terminal rate to 3.75% from 3.25% previously.
Spot gold collapsed ahead of FOMC Meeting Minutes and trades around $1,826 a troy ounce. Crude oil prices also edged sharply lower, with WTI now changing hands at $73.90 a barrel.
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