The US dollar is stronger in the wake of another hawkish FOMC announcement. Economists at MUFG Bank expect the greenback to remain on solid foot amid prospects of further tightening.

S&P 500 Index set to break below the June low

“Momentum remains clearly in favour of the US dollar as the actions strengthen the prospect of continued tightening of financial conditions.”

“The S&P 500 dropped 1.7% yesterday and is quickly approaching the June low, which we believe will be broken over the coming days or weeks.”