Forex News: U.S. Dollar Advances After Fed Decision

U.S. Dollar Advances After Fed Decision

(RTTNews) - The U.S. dollar climbed against its major counterparts in the New York session on Wednesday, as the Federal Reserve cut its key interest rate and projected two more reductions for this year.

The Fed lowered rate by 25 basis points to a range of 4 percent to 4.25 percent.

The central bank noted that economic activity has moderated amid lower job growth and higher inflation.

"The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment have risen."

The greenback climbed to 1.1807 against the euro and 0.7893 against the franc, from its early multi-year lows of 1.1918 and 0.7829, respectively. The next possible resistance for the currency is seen around 1.16 against the euro and 0.88 against the franc.

The greenback rose to 1.3619 against the pound and 147.04 against the yen, from its early multi-month lows of 1.3726 and 145.48, respectively. The currency may find resistance around 1.34 against the pound and 150.00 against the yen.

The greenback advanced to 2-day highs of 1.3787 against the loonie and 0.6641 against the aussie, from an early multi-week low of 1.3726 and multi-month low of 0.6707, respectively. The currency is seen finding resistance around 1.39 against the loonie and 0.63 against the aussie.

The greenback touched a 2-day high of 0.5948 against the kiwi, from an early 1-1/2-month low of 0.6007. If currency rises further, it is likely to find resistance around the 0.57 level.

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