The EUR/USD price moved sideways in the overnight session as investors reacted to the latest interest rate decision by the Fed.
This price is a few points below this week’s high of 1.0690.The EUR/USD price declined slightly after the Fed delivered a more hawkish tone than expected. In a statement, the Fed hiked interest rates by 50 basis points, bringing the year-to-date increase to 450 basis points. It had hiked by 75 basis points in the past four meetings straight. This increase brought the rate to between 4.25% and 4.50%, the highest point in 15 years.
Early data suggests that the Fed is succeeding. Data published on Tuesday shows that inflation dropped to 7.1% in November. Bond yields and mortgage rates have also retreated in the past few weeks.
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