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Currencies
1 MIN READ
Dollar drops after Fed hikes rates and signals pause
May 3, 2023
By Reuters
By Reuters
NEW YORK, May 3 (Reuters) – The dollar dropped after the Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point and signaled it may pause further increases.
The pause would give officials time to assess the fallout from recent bank failures, wait on the resolution of a political standoff over the US debt ceiling, and monitor the course of inflation.
The dollar index fell to a session low of 101.05 and the euro hit a session high of USD 1.10925. The dollar also fell to 134.82 against the Japanese yen.
(Reporting by Karen Brettell; Editing by Chizu Nomiyama)
This article originally appeared on reuters.com