U.S. dollar drops amid Fed's rate cut

2019-10-31 10:03:27Xinhua Editor : Gu Liping ECNS App Download

The U.S. dollar fell in late trading on Wednesday, as the U.S. Federal Reserve decided to slash interest rates after its widely-watched two-day policy meeting, marking its third rate cut so far this year.

The dollar index, which measures the greenback against six major peers, fell 0.05 percent at 97.6470 in late trading.

In late New York trading, the euro increased to 1.1124 dollars from 1.1110 dollars in the previous session, and the British pound rose to 1.2887 dollars from 1.2861 U.S. dollars in the previous session. The Australian dollar was up to 0.6876 dollar from 0.6865 dollar.

The U.S. dollar bought 108.94 Japanese yen, higher than 108.81 Japanese yen of the previous session. The U.S. dollar decreased to 0.9904 Swiss franc from 0.9937 Swiss franc, and it increased to 1.3174 Canadian dollars from 1.3088 Canadian dollars.

The Federal Open Market Committee (FOMC) decided to lower the target for the federal funds rate to a range of 1.5 percent to 1.75 percent, the Fed's rate-setting arm said on Wednesday.

"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," the FOMC said in a statement, adding that uncertainties about this outlook remain.


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