Fed raises rates by 25 bps, as expected.
US yields and Dollar tumble on initial reaction; before Powell.
AUD/USD testing key resistance around 0.6730
The AUD/USD jumped to 0.6727 after the decision of the Federal Reserve, hitting a fresh daily high. It is testing the critical resistance zone around 0.6730 amid the broad-based Dollar’s weakness.
The Federal Reserve (Fed) raised its key interest rate by 25 bps as expected to 4.75%-5.00%. The vote was unanimous. The Fed warned that inflation remains elevated while at the same time dropping the forward guidance toward further rate hikes. The central bank said it was too soon to assess the impact of the banking crisis on the economy.
The greenback tumbled together with US yields. The US 10-year fell to 3.50% before bouncing…