The euro and Japanese yen are getting cheaper against the U.S. dollar after the publication of the results of the June meeting of the U.S. Federal Reserve.

The Fed raised the federal funds rate by 75 basis points at once following the results of the two-day meeting, which ended on Wednesday. The last time the U.S. regulator raised the rate by such a step was in 1994. Now the rate range is 1.5-1.75% per annum.

At the same time, Fed Chairman Jerome Powell at a press conference did not rule out the possibility of raising the rate by another 75 bps at the next meeting in July. “Of course, today’s 75bp rate hike is unusually sharp, and I don’t think such pace of increases will become commonplace,” Powell said. – However, based on current considerations, a 50bp or 75bp rate hike at the July meeting seems the most likely”.

Market participants are also waiting for the outcome of the Bank of Japan meeting, which will be published on Friday morning. Among analysts and experts on the currency market are increasingly common calls for the Japanese regulator to raise the level of the target yield of ten-year government bonds to 0.5%, noted economists ING. In their opinion, such a step may lead to a short-term strengthening of the yen.

The euro-dollar exchange rate fell 0.11% to $1.0433 at 9:11 Moscow time compared to $1.0444 at Wednesday’s market close.

The dollar rose against the Japanese yen by 0.29% to 134.23 yen per dollar against 133.84 yen at the close of trading the previous day. The value of the British pound to the dollar fell 0.26% to $1.2148 from $1.2180.

The index calculated by ICE, which shows the dynamics of the dollar against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona), is down 0.11% in morning trading. The broader WSJ Dollar indicator, which tracks the dollar against 16 currencies, is adding 0.23%.