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U.S. dollar falls after Fed decision

Xinhua Financein NEW YORK
2017-03-16 04:41

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The U.S. dollar ended lower against other major currencies on Wednesday after the Federal Reserve's decision to raise interest rates for the second time in three months.

"In view of realized and expected labor market conditions and inflation," the central bank decided to raise the target range for the federal funds rate by 25 basis points to 0.75-1.0 percent, the Fed's policy-making committee said in a statement released after its two-day meeting on Wednesday.

Analysts said that since rate-hike was widely expected by the market, investors remained cautious about the future rate-hikes this year, given the uncertainty with the Trump administration's fiscal policy.

The dollar index, which measures the greenback against six major peers, was down 0.65 percent at 101.040 in late trading.

In late New York trading, the euro rose to 1.0683 dollars from 1.0620 dollars in the previous session, and the British pound climbed to 1.2261 dollars from 1.2164 U.S. dollars in the previous session. The Australian dollar increased to 0.7657 U.S. dollar from 0.7568 U.S. dollar. The U.S. dollar bought 113.87 Japanese yen, lower than 114.66 yen of the previous session. The U.S. dollar fell to 1.0031 Swiss francs from 1.0092 Swiss francs, and it edged down to 1.3369 Canadian dollars from 1.3485 Canadian dollars.

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