ZCZC
BCN-18
US-FOREX
U.S. dollar climbs amid Fed rate cut decision
NEW YORK, Aug 1, 2019 (BSS/Xinhua) – The U.S. dollar appreciated against
its major rivals in late trading on Wednesday after the Federal Reserve
lowered interest rates for the first time since the 2008 global financial
crisis.
The Federal Open Market Committee, the Fed’s rate-setting body, trimmed the
target for the federal funds rate by 25 basis points to a range of 2 percent
to 2.25 percent after concluding its two-day policy meeting Wednesday, in
line with market expectation.
This action supports the committee’s view that sustained expansion of
economic activity, strong labor market conditions, and inflation near the
committee’s symmetric 2 percent objective are the most likely outcomes, but
“uncertainties about this outlook remain,” it said in a statement.
The dollar index, which measures the greenback against six major peers,
rose 0.48 percent at 98.5243 in late trading.
In late New York trading, the euro fell to 1.1085 dollars from 1.1156
dollars in the previous session, and the British pound rose to 1.2162 dollars
from 1.2161 U.S. dollars in the previous session. The Australian dollar
decreased to 0.6839 dollar from 0.6874 dollar.
The U.S. dollar bought 108.77 Japanese yen, higher than 108.60 Japanese yen
of the previous session. The U.S. dollar increased to 0.9934 Swiss franc from
0.9902 Swiss franc, and it was up to 1.3197 Canadian dollars from 1.3152
Canadian dollars.
BSS/XINHUA/HR/1135