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No Surprises from the Fed – US Dollar Continues to Rise
24 hours after the US Midterm Elections and dollar bulls are back in control. The greenback traded higher against most of the major currencies and was unfazed by the Federal Reserve’s monetary policy announcement. To no one’s surprise, the Fed left interest rates unchanged, described the economy and the labor market as strong and said they see further gradual increases to interest rates. There was no mention of the deterioration in data with policymakers describing household spending growth as strong even though core retail sales stagnated in the month of September. This unambiguously positive outlook is a signal ... (full story)