The U.S. Dollar closed Wednesday’s session lower after Federal Reserve policymakers abandoned predictions for more rate increases this year as the U.S. central bank confirmed an expected slowdown in the economy.
Moreover, the Fed also now expects to increase borrowing costs only once more through 2021, and no longer anticipates the need to protect against inflation with restrictive monetary policy.
The U.S. Dollar Index which measures the strength of Greenback against a basket of six major currencies fell by 0.44 percent to finish the session at 95.44.
Over in Europe, the single currency rose on Wednesday against the U.S. Dollar to the highest level in two months after the Fed’s meeting that triggered a decline of the U.S. dollar across the board. EURUSD closed the session at 1.14132.
Meanwhile, the Sterling fell against the Greenback by approximately 0.5 percent after Theresa May, the British Prime Minister requested to delay Brexit until June 30 but faced resistance from the European Union. GBPUSD closed the session at 1.31899.
Regarding Safe-havens, the Swiss Franc surged against the U.S. Dollar to close Wednesday’s session at 0.99251 USDCHF. Also, the Japanese Yen rose against the Greenback on Wednesday to settle at 110.699 USDJPY.
Gold prices rose on Wednesday by 0.4 percent to settle at 1312.25 on the Federal Reserve's latest monthly policy statement on interest rates. The Fed’s left rates unchanged at its March meeting amid concerns over slowing economic growth both domestically and abroad.
Meanwhile, the Canadian Dollar rose against the U.S. Dollar on Wednesday supported by higher oil prices. The USDCAD closed the session at 1.33027.
Over in Asia, the Aussie Dollar rose against weaker U.S. Dollar by 0.38 percent after the Fed confirmed that there will be no rate hikes this year and only one in 2020. AUDUSD closed Wednesday’s session at 0.71149.
Cryptocurrencies finished Wednesday’s session in mixed territories, as Bitcoin and Litecoin rose against the U.S. Dollar to close at 3993 BTCUSD and 58.34 LTCUSD respectively, while Ethereum fell against the U.S. Dollar to settle at 139 ETHUSD.
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