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Changes in foreign exchange markets in response to the US election were relatively hesitant compared to strong risky moves in stocks. The dollar sell-off has finally begun as the market enters the US session today. While the outcome of the US presidential election is still unknown, investors were eager to push stocks higher.
The Federal Open Market Committee (FOMC) announced Thursday that it left the benchmark interest rate, the target range for federal funds, unchanged at 0% -0.25%, as was widely expected. The Federal Reserve is committed to using its full range of tools to support the US economy during this challenging time, thereby advancing its goals of maximum employment and price stability.
In its policy statement, the Fed confirmed that it intends to use its full range of instruments to support the US economy and noted that economic development will continue to be highly dependent on the course of the coronavirus outbreak.
Overall Market Reaction
The market’s initial reaction to the FOMC’s Monetary Policy Statement was largely subdued. At the time of writing, the US Dollar Index is down 0.8% on the day to 92.72.
This time around, the overall weakness in the dollar looks very real as gold also returns to resistance levels. A solid break in this area would, first, extend the rebound from recent lows to a fresh high. More importantly, it will double-confirm the dollar’s bearish trend.
The euro is in trading as the market is focused on easing the Federal Reserve and additional fiscal stimulus that is weighing the dollar down this week.
US stock markets reacted very optimistically to the US election results. The NASDAQ, in particular, posted a 3.85% gain, while the S&P 500 also gained 2.21% overnight. Both indexes are configured to resume writing.
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