Currency Market Struggles for Direction

Market Focus FED left interest rates on hold and reiterated that rates would remain low for an extended period of time. Final 1st Quarter US GDP was revised slightly higher to -5.5%, from its previous -5.7. The ECB injected liquidity in which over EUR 440 bn was lent in 1-year funds. The BIS’ annual meeting was held over the weekend. China and Brazil discussed how to bypass the US dollar for trade. UBS, the world’s largest wealth manager raised $3.5 bn to strengthen its capital base. SNB