18 Jun 2014
USD/CAD whipsaws after FOMC, flat on the day
FXStreet (Córdoba) - The USD/CAD spiked to fresh highs only to quickly erase gains after the Federal Reserve monetary policy statement.
The FOMC announced it will keep federal funds rates at record lows of 0-0.25% while it will continue to cut its bond-buying purchases at a pace of $10 billion to $35 billion. The central bank also reléase a set of projections, which reaveled most officials expect the first rate hike in 2015 while a Little steeper rise is seen in 2016. The Fed also cut GDP and unemployment rate projections while left inflation forecasts nearly unchanged.
At time of writing, the USD/CAD is trading at the 1.0860 zone, virtually unchanged on the day, having hit a high of 1.0888 and a low of in the minutes that followed the reléase.
Meanwhile, Fed Chair Yellen is adressing the press. She said that FOMC discussions of normalizing monetary policy don’t mean imminent action.
The FOMC announced it will keep federal funds rates at record lows of 0-0.25% while it will continue to cut its bond-buying purchases at a pace of $10 billion to $35 billion. The central bank also reléase a set of projections, which reaveled most officials expect the first rate hike in 2015 while a Little steeper rise is seen in 2016. The Fed also cut GDP and unemployment rate projections while left inflation forecasts nearly unchanged.
At time of writing, the USD/CAD is trading at the 1.0860 zone, virtually unchanged on the day, having hit a high of 1.0888 and a low of in the minutes that followed the reléase.
Meanwhile, Fed Chair Yellen is adressing the press. She said that FOMC discussions of normalizing monetary policy don’t mean imminent action.