The EUR/USD began to move higher during the Asian session, and reached as high as 1.2480 during the European session before it drifted lower toward 1.2420 right before the FOMC rate decision announcement.
The announcement provided no surprises. The interest rates were left unchanged. The Fed's goal to raise the rates to 2% this year remains the same, which means there will be 2 rate hikes. The Fed also expected solid economic growth in the U.S., rising inflation, and a tight labor market. All in all, the markets were not spooked in any way.
The interesting factor here is inflation. While the U.S. is expecting the inflation to rise, the ECB is not.
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