Fed raises rates 25bps, await press conference

So we have had the US rate announcement. They did raise rates 25bps to 5% which had really been the consensus. USD did weaken initially, perhaps helped by lower interest rate projections over one and two years (4.3 from 5.1% and 3.1 from 4.1% respectively).

Currency Pair Before 5 mins after

EURUSD 1.0795 1.0855

GBPUSD 1.2245 1.2300

GBPEUR 1.1340 1.1330

USDJPY 132.55 131.70

As I finish typing this USD is just a little off those post-announcement lows but Powell’s statement and Q&A will be the real key.