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

U.S. Dollar Weakens After Fed Decision

(RTTNews) - The U.S. dollar fell against its major counterparts in the New York session on Wednesday, as the Federal Reserve lowered interest rates by 25 basis points.

The FOMC voted 9-3 to cut interest rate to a range of 3.5%-3.75%.

Fed Chair Jerome Powell said that the central bank is well positioned to wait and see how the economy evolves.

Markets are pricing in two or more cuts next year.

The greenback dropped to a 1-week low of 0.7992 against the franc and 1-1/2-month lows of 1.3389 against the pound and 1.1699 against the euro. The currency is seen finding support around 0.77 against the franc, 1.37 against the pound and 1.20 against the euro.

The greenback fell to a 2-1/2-month low of 1.3784 against the loonie and more than a 2-month low of 0.5824 against the kiwi, from an early 5-day high of 1.3872 and a 2-day high of 0.5761, respectively. The currency may find support around 1.35 against the loonie and 0.60 against the kiwi.

The greenback declined to a 2-1/2-month low of 0.6686 against the aussie. The currency may find support around the 0.69 level.

The greenback edged down to 155.78 against the yen. If currency falls further, it is likely to find support around the 151.00 level.

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