The EUR/USD is sharply off the day's highs of 1.0735, trading into the low end and chalking in a new low for Wednesday near 1.0650. The Federal Reserve (Fed) updated their Summary of Projections (SEP), which shows Fed officials expecting the interest rate to hit 5.1% by the end of 2024 (previously 4.6%). Despite the Fed holding steady on rates at 5.5% for the time being, the uptick in the rate of interest rate cuts has sent the US Dollar broadly up across the board. Up next on the economic calendar, US Initial Jobless Claims are slated for Thursday at 12:30 GMT, and the figure is expected to print slightly higher at ... (full story)