The US Dollar was pretty much flat against most major currencies, which was pretty wild considering the FOMC Economic Projections and Fed Interest Rate Decision were just around the corner. If you were watching EUR/USD, you'd have noticed it recovered part of its earlier decline on Wednesday as the US Dollar eased slightly from daily highs. According to FXStreet, the Euro got some modest support ahead of the Federal Reserve's interest rate decision.
It's been a pretty quiet day in the forex market, with most major pairs stuck in a tight range. If you were watching EUR/USD, you'd have noticed it's still pushing to the upside, with the pair now stretching toward an important technical ceiling defined by the 200-hour moving average at 1.15499. Which was pretty wild, considering the lack of major economic news. And honestly, it's surprising we didn't see more movement, given the ZEW Economic Sentiment Index and Producer Price Index releases. But I guess that's just the way it goes sometimes.
The Fed stayed dovish, which was pretty wild, considering the recent hawkish tone from some of the members. It didn't take long for the market to react, with the US Dollar gaining ground against most major currencies. If you were watching EUR/USD, you'd have noticed it was stuck in a tight range, closing at 1.1502, basically unchanged.
