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USD/JPY drops as Fed leaves rates unchanged

FXStreet (Córdoba) - USD/JPY turned to the downside after the Federal Reserve left the Fed Funds rate unchanged. Greenback dropped across the board following the statement and pushed the pair toward 120.00.

It was trading at 120.80 before the announcement and then bottomed at 120.26. It moved off session lows and it was at 120.50/60, slightly below yesterday’s closing price. Stocks rose initially and then pulled back. US government bond yields decline sharply and were holding near daily lows. The 10-year bond was at 2.23%.

No rate hike for now

The US dollar dropped in the currency market after the Fed left rates unchanged. The FOMC offered no precise timing on when they will raise rates. Traders await now Janet Yellen’s press conference. The decision was not unanimous: Jeffrey Lacker preferred to raise the rate by 25 basis points. According to FOMC staff projections, now 13 officials would like a first rate hike in 2015 compared with previous 15.

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After months of speculations, the Federal Reserve decided to leave the target range for the federal funds unchanged at 0-0.25%.
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