Pound and euro plunge along with US markets

29/10/2015 10:56 AST

The Federal Open Market Committee has held steady and left interest rates in the US unchanged after its two day meeting.

US markets have taken a dive as a result, losing the gains from this morning. The S&P 500 was down from highs of 2,083 to 2,065. The Nasdaq dropped from 5,074 to 5,027 and the Dow Jones is yo-yoing around its opening price of 17,586, having risen as high as 17,707.

The Fed said “economic activity has been expanding at a moderate pace” and that it will continue to monitor markets.

It did not repeat its warning from last month that global headwinds could impact the US economy, leading many to suggest that a rise in December could still be on the cards.

The Fed statement said it would be "appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term."

The Euro plummeted against the dollar, down 1.28 per cent, and the pound was down 0.35 per cent.


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