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Fed Reaction: USD getting hammered

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The dollar got hammered after the US Federal Reserve decided to leave rates unchanged, says Saxo Bank’s Mads Koefoed. The dovish statement and dismal projections from the US Fed could see the dollar go even lower especially against the euro, he says.

Koefoed looks at what levels could be in store for EURUSD after the Fed came out more dovish than expected, citing global and financial developments. He also looks at the timing of a possible Fed rate hike in the wake of Thursday’s decision.