The Fed have left the issue about pausing interests open and have indicated that the economy will determine if rates are to be changed in the future.
Apart from the rate cut the US had plenty of positive data releases yesterday with GDP growing 0.6% exceeding its forecast of 0.2%, showing that the economy was still pushing its way through the current financial situation in US. They also had good data from PCE, Chicago PMI and ADP Employment, with all slightly better results. Due out today is the Manufacturing ISM report, which is expected to be lower and Jobless claims, which is expected to be higher.
The Euro strengthened against the USD on the back of the interest rate cut from the Fed. Euro had a good figure yesterday with Consumer Sentiment coming in slightly better than its forecast, however Business climate came in below forecast or 0.7 lower at 0.44. The main data that the focus was on was the Euros' Economic sentiment for April which came below expectations. There is no data out for Euro as there is a holiday in the market.
There was no data out from UK apart from the Nationwide home sales, which was negative. Due out today is the PMI Manufacturing, which is expected to be slightly down from 51.3 in March to 50.9.