The FOMC decision was to cut rates by 50 basis point to 1.00%, which was widely expected by market participants and priced in accordingly prior to the announcement. The decision led almost immediately to some bearish price action for both EUR/USD and GBP/USD, and then a rebound and some consolidation. As of about an hour after the announcement, these pairs appear to be holding up, and there seems to have been little substantive effect as of yet on the current corrections taking place.
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