USD sell-off ahead of the FOMC decision

The US dollar is on the selling block again this Wednesday with the EURUSD soaring to 1.1245 and USDJPY plunging to 111.15 – the lowest level since 11 April. Markets expect the Fed to cut IOER rate by 5 basis points but leave the key policy rate unchanged. Decision is expected at 7pm BST and post-meeting conference will start 30 minutes later.

Daily summary: Subdued start to a busy week
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