Fed’s Meeting Results Gave Little Boost to Greenback

Forex News

The US dollar is trading in a narrow range relative to major currencies, after a slight growth amid the outcome of the Fed meeting, and continues to trade around three-year lows. During a two-day meeting, the US central bank left interest rates unchanged, indicating that further increases in rates are justified. European stock indexes rose today, as investors reacted to the flow of strong corporate earnings reports.

The British pound is strengthening against major currencies, despite the fact that the manufacturing sector in the UK recorded a continued weakening of activity in early 2018, falling to the lowest level since June last year. The Manufacturing PMI from IHS Markit/CIPS fell to 55.3 from 56.2 in December. Economists predicted an estimate of 56.5.

The growth of the manufacturing sector of the Eurozone was slightly weaker at the beginning of the year. According to the IHS Markit survey, the Final Manufacturing PMI declined to a three-month minimum in January at 59.6 points from a record high of December 60.6. However, any reading above 50 indicates an expansion in the sector.

Bitcoin stays under pressure again today. The cryptocurrency is trading below $10.000 level, falling by more than 5%.