The Japanese yen is getting crushed – dropped with 0.7% at 118.0250 per dollar as of 7:38 a.m ET.
This happens in the aftermath of the Federal Reserve’s decision to raise rates for the second time this decade.
Source: finance.yahoo.com
As most of the market watchers expected, the Federal Reserve decided to raise its benchmark interest rate by 25 basis points to a range of 0.50% to 0.75% just yesterday (Wednesday).
The Federal Open Market Committee (FOMC) noted improvement in the jobs market and the drop in the unemployment rate to a pre-recession low.
Additionally, the committee upped its expectation for the number of hikes in 2017, up to three from the prior forecast of two.