EUR/USD was trading back below 1.180 after touching 1.1920 immediately following the FOMC announcement. Some positioning readjustments are probably contributing to the sharp EUR/USD drop during and after Powell’s press conference, ING's FX analyst Francesco Pesole notes.
The GBP/USD pair edges lower to around 1.3615 during the early European session on Thursday, pressured by a rebound in the US Dollar (USD). The Bank of England (BoE) interest rate decision will take center stage later on Thursday, with no change in rates expected.
The EUR/USD trades sideways on Wednesday as traders wait for the monetary policy decision by the Federal Reserve (Fed) and Chair Jerome Powell's press conference. At the time of writing, the pair trade sat 1.1848, down 0.15%.