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Dollar falls after Fed raises rates, forecasts future hike
Global Banking & Finance Review®
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By Hannah Lang
WASHINGTON (Reuters) – The dollar was lower on Wednesday following the U.S. Federal Reserve’s decision to raise interest rates by a quarter of a percentage point as expected.
The Fed projected at least an additional interest rate increase of 25 basis points by the end of 2023.
The dollar index fell 0.465% at 102.680, with the euro up 0.62% to $1.0834.
The Japanese yen weakened 0.43% versus the greenback at 131.88 per dollar, while Sterling was last trading at $1.2288, up 0.57% on the day.
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Currency bid prices at 2:03PM (1803 GMT)
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Dollar index 102.6700 103.1700 -0.48% -0.792% +103.2600 +102.6200
Euro/Dollar $1.0834 $1.0770 +0.60% +1.12% +$1.0847 +$1.0759
Dollar/Yen 131.7550 132.4550 -0.49% +0.53% +132.9900 +131.8000
Euro/Yen 142.76 142.67 +0.06% +1.75% +143.6200 +142.3900
Dollar/Swiss 0.9201 0.9223 -0.12% -0.38% +0.9245 +0.9197
Sterling/Dollar $1.2289 $1.2219 +0.60% +1.64% +$1.2297 +$1.2209
Dollar/Canadian 1.3699 1.3713 -0.09% +1.12% +1.3743 +1.3694
Aussie/Dollar $0.6715 $0.6671 +0.67% -1.49% +$0.6716 +$0.6662
Euro/Swiss 0.9970 0.9929 +0.41% +0.76% +0.9975 +0.9927
Euro/Sterling 0.8813 0.8812 +0.01% -0.35% +0.8827 +0.8773
NZ $0.6243 $0.6194 +0.82% -1.65% +$0.6243 +$0.6173
Dollar/Dollar
Dollar/Norway 10.4130 10.5570 -0.65% +6.87% +10.5570 +10.4880
Euro/Norway 11.2941 11.3540 -0.53% +7.63% +11.3760 +11.3010
Dollar/Sweden 10.2962 10.3338 -0.04% -1.07% +10.3692 +10.2787
Euro/Sweden 11.1250 11.1296 -0.04% -0.22% +11.1824 +11.1124
(Reporting by Hannah Lang in Washington; Editing by Emelia Sithole-Matarise and Raissa Kasolowsky)
The dollar index measures the value of the U.S. dollar against a basket of foreign currencies. It reflects the dollar's strength and is used to gauge the overall performance of the currency in the global market.
Interest rates represent the cost of borrowing money or the return on savings, expressed as a percentage. They are influenced by central bank policies and affect economic activity, including spending and investment.
Currency exchange is the process of converting one currency into another, typically for trade or investment purposes. Exchange rates fluctuate based on supply and demand in the foreign exchange market.
The Federal Reserve, often referred to as the Fed, is the central bank of the United States. It regulates the U.S. monetary system, sets interest rates, and aims to maintain economic stability.
A basis point is a unit of measurement used in finance to describe changes in interest rates or other percentages. One basis point is equal to 0.01%, or one-hundredth of a percentage point.
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