The primary currency pair is experiencing pressure on Thursday. The current EURUSD exchange rate stands at 1.0632.

The US Federal Reserve decided to maintain the interest rate unchanged at its September meeting, keeping it within the target range of 5.25-5.50% per annum.

In the Fed’s remarks, it was noted that the decision was unanimous while leaving open the possibility of potentially increasing the rate once more before the end of the year.

This aligns with what the market had been expecting, indicating a potential increase in borrowing costs at the November meeting. The Fed clarified its intention to keep the rate elevated for an extended period.

Jerome Powell, the chair of the Federal Reserve, stated that the economy is expected to experience a so-called soft landing. While not the baseline scenario, it is considered the primary objective.

Overall, Powell was very cautious, enigmatic, and seemed somewhat uncertain.

The US dollar initially declined but swiftly recovered, maintaining a strong position.