US Dollar Index sharply falls on FOMC decision

In its policy statement, the US Federal Reserve dropped the reference to “ongoing increases” and said that some additional policy firming may be appropriate.

The US Dollar Index sharply fell in an initial reaction to FOMC decision and was last seen losing 0.59% on the day at 102.579.

Fed Policy Statement Key Quotes

“Likely to see tighter credit conditions that weigh on economic activity, hiring and inflation.”

“US banking system is sound and resilient.”

“Will continue reducing balance sheet as planned.”

“Job gains have picked up, running at a robust pace.”

“Inflation remains elevated.”

“Fed vote in favor of policy was unanimous.”