Forex & Crypto Forecast: Fed, BoE Interest Rate Decisions

Forex and Cryptocurrency Forecast – Action Forex

EUR/USD: Hawkish Sentiments from the Fed Impact the Dollar

As anticipated, Wednesday, June 12 was pivotal for the forex market. The USD faced strong pressure following the release of inflation data in the U.S. May's figures showed the overall inflation rate decreased to 3.3%, against an expected 3.4%, while the Core Consumer Price Index (Core CPI) came in at 0.2% (m/m), missing the forecast of 0.3%. Consequently, market expectations surged that the Federal Reserve might lower interest rates twice this year, prompting the Dollar Index (DXY) to fall to 104.3 and EUR/USD to spike to a high of 1.0851.