Dollar Stays Firm After Fed Holds Rates
(RTTNews) - The U.S. dollar climbed higher on Wednesday after the Federal Reserve left interest rates unchanged and noted inflation remains "somewhat elevated."
The central bank, which reiterated its strong commitment to returning inflation to it 2% objective, said it will carefully assess incoming data, the evolving outlook, and the balance of risks when considering the extent and timing of additional adjustments to the target range for the federal funds rate.
The central bank's next monetary policy meeting is scheduled for March 18-19, when Fed officials will also provide their latest projections for rates, inflation and the economy.
CME Group's FedWatch Tool is currently indicating a 71.6% chance the Fed will once again leave rates unchanged but a 28.2% chance of a quarter point rate cut.
The dollar index, which climbed to 108.30 in early New York session, eased to around 107.80 around noon, but climbed to 108.20 after the Fed announced its monetary policy. The index was last seen at 107.98, up 0.11% from previous close.
Against the Euro, the dollar firmed to 1.0418, and against Pound Sterling, it edged down marginally to 1.2448 a unit of the British currency.
The dollar weakened against the Japanese currency, dropping to 155.28 yen a unit, from 155.53 yen. Against the Aussie, the dollar strengthened to 0.6228.
The dollar firmed against Swiss franc to CHF 0.9071 from CHF 0.9041. Against the Loonie, the dollar strengthened to C$ 1.4427 from C$ 1.4402 after the Bank of Canada lowered interest rates by 25 basis points.
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