USD Damaged by Fed’s Cautious Removal of Patience

The Fed dropped its pledge to be 'patient' in normalizing monetary policy, while its latest forecasts suggest Fed members “will not be impatient” in acting on rates. The Fed's summary of economic projections were downgraded for GDP growth and infation, alongside unemployment. USD Index ndex plunged 3% due to a swift repricing of interest rate normalization by currency and bond traders. EURUSD soared to $1.1043 from a low of $1.0580, a rally not seen in recent years. Full charts & analysis.

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