HomeFinancial MarketsDollar Holds Gains Following Fed Rate Decision

Dollar Holds Gains Following Fed Rate Decision

The U.S. dollar held onto its gains on Thursday after the Federal Reserve decided to keep interest rates within the range of 5.25% to 5.5%. The dollar index, measuring the greenback against a basket of major currencies, rose to 105.68—its peak since March—before closing at 105.45.

Japan’s yen reacted strongly to the Fed’s policy decision, hitting 148.255 per dollar after reaching a 10-month low of 48.465 earlier on Thursday. The dollar remained strong against the euro, priced at $1.0658 per euro after previously touching a six-month low of $1.0617.

As investors braced themselves for the Bank of England’s interest rate decision later in the day, the pound stood at $1.2316, just above a four-month low. With the UK’s inflation rate unexpectedly slowing in August, traders are unsure as to how the Bank of England will respond to this development.

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