Forex Today: Dollar slides as Fed delivers as expected – by MSalordFX DollarIndex EURUSD Fed ECB
Here is what you need to know on Thursday, May 4:, the highest level since 2007. The FOMC also removed forward guidance about further rate hikes but noted that the timing of future rate changes will depend on incoming economic data. The bias still favors further tightening. The currency market saw limited impact.With the Fed funds target range of 5.00-5.25% the Fed has met its dot-plot guidance from last December and updated as of March. A pause is the next step.
Wall Street stocks closed lower and US bond yields declined further, putting pressure on the US Dollar. Theclosed at its lowest level in a week around 101.35 but remained above recent lows. Meanwhile, the US 10-year yield settled at 3.36%, marking a one-month low.ADP Employment report for April showed a surge in private payrolls, rising by 296K and surpassing expectations. However, the market's reaction to the data was muted as investors await Friday's Nonfarm Payrolls report
The focus has now shifted to the upcoming European Central Bank meeting, where a 25 basis point rate hike is expected, but a 50 basis point hike is also possible. The outcome of the meeting is likely to trigger reactions in the Euro. Thepair approached 1.1100 after the FOMC statement before pulling back to 1.1050. Despite the limited upside, the pair remains bullish.reached its highest intraday levels since June, approaching 1.2600 before retreating slightly. The bias is to the upside.
reaching two-week highs at 0.6260. The Kiwi outperformed CAD and AUD following positive labor market data from New Zealand. Market participants expect the to raise rates again at the next meeting on May 24. In the Financial Stability Report, the RBNZ stated that the national financial system is well-positioned to deal with rising interest rates and global risks.continued to rise, holding firm above $2,000; it peaked at $2,036, with the year-to-date high around $2,050 on the radar.
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