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The EUR/USD came under strong bearish pressure in the last minutes as the Greenback gathered strength following the Federal Reserve’s policy statement, which was not as dovish as anticipated.

With the US Dollar Index jumping to its highest level since May 2017 at 98.42, the EUR/USD pair crashed below the 1.11 mark and touched its lowest level in more than 26 months. Following the initial slump, the pair recovered a small portion of its losses and was last seen trading at 1.1110, losing 0.4% on the day.

Markets are now waiting for FOMC Chairman Powell to deliver his remarks on the policy outlook.

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