Back
18 Mar 2015
EUR/USD soars above 1.1000
FXStreet (Córdoba) - EUR/USD staged a sharp rally and broke above the 1.1000 level as the greenback accelerated losses across the board following the FOMC statement and Chair Yellen press conference.
While the Federal Reserve dropped the word patience in respect to its first rate hike, members downgrade their economic projections which suggested they are in no rush either. Yellen reiterated the timing of the first raise remains data dependent and they’ll be observing a wide range of data till they feel “confident” inflation is on track to return to its 2% target and the job market improvement proves sustained.
EUR/USD has risen more than 400 pips over the last hours, intensifying the rise over the last minutes amid low liquidity following Wall Street close. EUR/USD briefly rose above 1.1000 and reached a 2-week high of 1.1035.
However, the pair has pulled back over the last minutes and it is currently trading at 1.0910, still 2.96% above its opening price.
While the Federal Reserve dropped the word patience in respect to its first rate hike, members downgrade their economic projections which suggested they are in no rush either. Yellen reiterated the timing of the first raise remains data dependent and they’ll be observing a wide range of data till they feel “confident” inflation is on track to return to its 2% target and the job market improvement proves sustained.
EUR/USD has risen more than 400 pips over the last hours, intensifying the rise over the last minutes amid low liquidity following Wall Street close. EUR/USD briefly rose above 1.1000 and reached a 2-week high of 1.1035.
However, the pair has pulled back over the last minutes and it is currently trading at 1.0910, still 2.96% above its opening price.