US Dollar Plummets as Fed Signals Multiple Rate Cuts in 2024
TL;DR
The US dollar weakened across the board as the Federal Reserve signaled multiple rate cuts for next year, causing Treasury yields to plummet. The technical outlook for major currency pairs, including EUR/USD, USD/JPY, and GBP/USD, is examined after significant moves in the foreign exchange market. EUR/USD broke through resistance and could rally further, while USD/JPY dropped towards its 200-day moving average. GBP/USD climbed past resistance and may retest higher levels.
- US Dollar Sinks on Fed Dovish Pivot, Setups on EUR/USD, USD/JPY, GBP/USD DailyFX
- Fed holds rates steady, indicates three cuts coming in 2024 CNBC
- Summary of Economic Projections, December 13, 2023 Federal Reserve
- Federal Reserve keeps key interest rate unchanged and foresees 3 rate cuts next year The Associated Press
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