Breaking: Fed sends the USD down with dovish message

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Background 

The Federal Reserve has been expected to leave interest rates unchanged in its June meeting but to send a hint about future rate cuts. The disappointing labor market report, stagnating inflation, and trade wars have all created expectations for another dovish tilt. Bond markets are pricing in a rate cut as soon as the Fed's next meeting in July.

However, retail sales data have been upbeat and the Washington-based institution usually refrains from abrupt changes in policy. Tension has been mounting ahead of the event.