Fed Week Ends Poorly for Dollar

This trading week was not particularly positive for the US dollar as it fell against other majors as well as commodity currencies. The only major currency that has lost to the dollar was the euro.
The Federal Reserve kept its monetary policy unchanged during its policy meeting and issued rather dovish remarks. The dollar tumbled on Thursday as a result. Yet the greenback staged a strong recovery the very next day, even managing to erase its Thursday’s losses versus the euro.
Now, market participants are questioning when the Fed is going to hike rate and will it do this at all.
In other news, the Swiss National Bank kept negative interest rates in place, and Japan’s sovereign credit rating was reduced by Standard & Poor’s.
EUR/USD went down from 1.1330 to 1.1290 during the week. GBP/USD advanced from 1.5421 to 1.5535. AUD/USD gained from 0.7078 to 0.7187, and its weekly high of 0.7279 was the highest since August 24.

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