The FED released some interesting data at the usual press conference, after the interest rate decision was announced. The most relevant data is that a 6.5% drop in GDP is expected this year. For now, the Forex market remains somewhat calm.

Not all of this was bad news from the Corona Millionaire, as they predicted that by 2021 the US economy could grow by as much as 5%. This is more than encouraging, considering the situation that the world’s leading power is going through right now.

At the time of writing, the EURUSD is trading around 1.1370, after hitting a daily high of 1.1423.

The price of money unchanged until 2021

While there were no surprises in the Fed’s interest rate decision, what was interesting was that in the speech following the data, it was spread that the price of money should remain at this level at least until 2021.

However, in the long term, they said that the interest rate should be at an average of 2.5%.

The main Wall Street indices recovered on the final stretch closing with a mixed trend. The SP 500 and the Dow Jones lost 0.53% and 1.04% respectively. Meanwhile, the Nasdaq technology index rose 0.67%.

Gold had a very positive session, closing with a rise of 1.38% to US$ 1,745. The precious metal is increasingly closer to its annual maximum of US$ 1,769, recorded in mid-March when the Coronavirus pandemic broke out.

Forex Market: Dollar Loses to Major Currencies

The main Forex cross, the EURUSD, hit a 3 month high at 1.1423. We will see if this was a speculative increase due to the Fed’s decision, or is it a possible escalation of the Euro.

The Pound rose above 1.28 for a few moments before returning to its key resistance at 1.2750.

The Dollar/Yen fell to 107.11, with a strong upward trend for the Japanese currency. Key support for the USDJPY is at 105.90. A breakout could lead to aggressive selling.

Cryptomonas: Dollar Falls against Bitcoin
The fall of the dollar on all fronts was strongly felt in the crypto market, especially against Bitcoin, which at the time of writing is close to US$ 9,900.

If the greenback continues to weaken, the price of Bitcoin should have no major problems exceeding 10k. Although we know that the BTC moves by many parameters apart from the fluctuation of the dollar.