Updates from FOMC
1) GDP is expected to contract by 3.7% than previous forecast of 6.5%
2) Unemployment to stand at 7.6% at year’s end (versus 9.3% in June projection).
3) Fed fund rates are seen to be unchanged this year and the next ones
4) Inflation was projected downwards to 1% (from 1.5%).
5) US policymakers are open for adjustments in the monetary policy as needed but have suggested that they will remain on pause from now.
Overall, the USD was seen to gain modest traction at the end of the day except for the EUR/USD which dipped below 1.1800
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