It was a mixed performance for the USD here during the Asian timezone following the Federal Open Market Committee (FOMC) decision to raise the Fed Funds rate by 75bps Wednesday afternoon US time. USD/JPY added on points to trade back to circa 134.70 and is back just under 134.50 as I post. USD/CHF followed a similar pattern.

Otherwise it was fairly mixed with, net, not a lot of change. NZD/USD dropped on the release of the Q1 GDP data. This showed a surprise contraction, dropping 0.2% q/q. In the hours following NZD/USD retraced all of its loss and moved higher, back above 0.6300. Its just under the figure as I update.

The other data of note during the session was a solid Australian employment report. There is nothing in it to dissuade the Reserve Bank of Australia from its hiking path as it battles to contain inflation.

Stay tuned, Bank of England policy decision coming up today, preview (and more in the bullets above):

BoE rate moves this year:

boe rate hikes in 2022