The dollar jumps after the Fed
The dollar jumped after the Federal Reserve announced details of its biggest post-recession policy shifts since it first raised rates at the end of 2015.
The US dollar index was up by 0.5% at 92.23 at 2:19 p.m. ET after sitting in the red ahead of the announcement.
The central bank said Wednesday, as expected, that it will soon start trimming the $4.5 trillion balance sheet it built up after the recession. It left interest rates unchanged in a range of 1% to 1.25%.
The greenback has fallen about 9% versus a basket of its peers since President Donald Trump's inauguration on January 20.
As for other FX news, here was the scoreboard at 2:14 p.m. ET:
- The euro was down by 0.6% at 1.1922 against the dollar. Earlier, data showed German PPI rose 2.6% year-over-year in August, above expectations of a 2.5% jump.
- The British pound is up 0.2% at 1.3526 against the dollar. Earlier, retail sales rose 1% month-over-month in August, above expectations of 0.2%.
- The Japanese yen is lower by 0.4% at 112.07 per dollar.
- The Canadian dollar is lower by 0.2% at 1.2322 per dollar.
NOW WATCH: THE BOTTOM LINE: Gary Shilling on expensive stocks and Alibaba vs. Amazon
No comments: