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Fed trims the benchmark rate by 25 bps, US Dollar soars – LIVE
The Federal Reserve (Fed) delivered as expected and cut the policy rate by 25 bps after the last meeting of 2024. Market players price in a hawkish Summary of Economic Projections and an even more hawkish Chairman Powell.
EUR/USD nears year low amid a hawkish Federal Reserve
EUR/USD accelerated its slump after the Federal Reserve trimmed interest rates as expected but also released a dot-plot showing lesser interest rate cuts in 2025. The "hawkish cut" boosts demand for the US Dollar.
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Gold nears $2,600 after Fed's decision
Gold fell towards $2,600 and trades nearby as the Federal Reserve's hawkish cut sent investors into safety. Demand for the US Dollar outpaces that of the bright metal as US, officials foresee fewer interest rate cuts in 2025.
GBP/USD trims early gains and reaches fresh December lows
GBP/USD trimmed early gains and fell to fresh intraday lows in the 1.2550 price zone following the United States Federal Reserve's announcement. Financial markets rushed to buy the US Dollar ahead of the Bank of England monetary policy decision on Thursday.
SHIB whale demand plunges as Solana memes dominate
Shiba Inu price opened trading at $0.000026 on Wednesday, its lowest opening price in 20 days dating back to November 29. On-chain data shows SHIB token struggling to attract whale demand as Solana memes dominate social channels.