Forex trade rates remained steady on June 22 after an assessment released by the Federal Reserve downgraded the U.S. economy’s performance, but gave no plans to intervene or bolster growth. While the news was below some expectations and overall signaled that the economy is still fragile, it provided hope that the pace of growth would increase as many issues restricting the economy are expected to be transitory.
Forex brokers and investors have been watching economic indicators for forex tips, but are not certain the weakness is temporary. The Wall Street Journal reports that the Dow Jones Industrial Average climbed one point in trading following the Fed announcement. The Standard & Poor’s 500-stock index also climbed one point, and the Nasdaq Composite increased two points. Energy and materials stocks led the gainers on the Dow, while consumer-staples and utilities stocks decreased.
Aiding the Fed’s announcement on Wednesday was a positive earnings report from FedEx. The Wall Street Journal reports that FedEx saw fiscal fourth-quarter earnings and revenue exceed expectations. Other news on forex trading, Etoro reports that Asian markets finished mostly higher, while European markets were broadly lower.