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AUD/USD crashes through 0.8800 after Fed decision

FXStreet (Córdoba) - AUD/USD fell sharply and lost over a full cent from above 0.8900 to below 0.8800 after the release of the Federal Open Market Committee statement on monetary policy.

The Fed reiterated potential rate hikes will be data dependant and rates are expected to remain near zero for a “considerable time. However, the FOMC acknowledged improvements in the job market and risks nearly balanced, giving the statement a hawkish tone. As widely expected, the bank decided to end the QE program this month.

AUD/USD fell all the way from a 3-week high of 0.8910 to a low of 0.8780 as the knee-jerk reaction and now wavers near daily lows as investors assess Fed’s words. At time of writing, the pair is trading at 0.8790, recording a 0.7% loss on the day.

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