The Fed left interest rates unchanged at its monetary policy meeting. The U.S. central bank did, however, drop the word word 'patient ' from its statement and said it would 'act as appropriate' to sustain the economy.
U.S. President Donald Trump and Chinese Xi Jinping are set to meet at the upcoming G-20 summit in Japan, which will happen next week. Trump said talks between the "respective teams" would begin prior to that.
"Although the Fed partiality has shifted from a wait and see mode to an easing bias, the fact that trade uncertainty and its impact on global growth has been the main catalyst for its change in stance, means that a new round of Fed easing is largely contingent on the outcomes from upcoming G20 meeting between President Trump and Xi," analysts at National Australia Bank wrote in a note.
"For now though, the change in the Fed's bias has encouraged the market to increase its expectations that a new round of easing is just around the corner," they wrote., which tracks the greenback against a basket of its peers, was at 97.117 after slipping from levels above 97.6 yesterday.
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