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The Fed raised its target rate by 25 basis points to 0.75-1.00%, the third hike since December 2015. Markets had priced the move in after earlier Fedspeak, and the statement was largely unchanged, though the dollar fell on what traders read as dovish wording.
The median projections still showed three hikes in 2017.
The dollar's fall despite the hike points to a weaker US currency, which can lift US-priced commodity demand from abroad, but the move was already priced in.
exchangerates.org.ukJames ElliotMar 16, 2017After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
