The Japanese Yen faces key support after the Federal Reserve raised interest rates and struggled to convince markets about its policy outlook. AUD/USD awaits Australian employment figures.

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The FOMC decision has passed with a more hawkish message than the markets were expecting…and yet the market maintains its skepticism. That has kept the S&P 500 within its narrow range and leaves EURUSD’s technical congestion undetonated. Will the ECB decide the next move for the pair?

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The US Dollar set a fresh five-month-low, even as Powell took on a hawkish tone in the statement accompanying today’s rate decision. ECB and BoE rate decisions are on the calendar for tomorrow.

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The Federal Reserve announced its last rate decision of 2022 and it offered the ‘pivot’ that many had expected. A 50bp rate hike ended the pace for four meetings of 75bp through November, but that was expected. The real market impact is found in what the expectations are from the Fed heading into 2023.

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EUR/USD has been on a fast track to fresh highs, but might it be nearing an important turning point?

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