US dollar rises after Fed cuts interest rates

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SME Times News Bureau | 19 Sep, 2019
The US dollar rose after the Federal Reserve cut interest rates by a quarter of a percentage point.

In late New York trading on Wednesday, the euro decreased to $1.1031 from $1.1066 in the previous session, and the British pound fell to $1.2463 from $1.2502 in the previous session, Xinhua news agency reported.

The Australian dollar fell to $0.6824 from $0.6860.

The US dollar bought 108.35 Japanese yen, higher than 108.20 Japanese yen of the previous session. The US dollar was up to 0.9971 Swiss franc from 0.9936 Swiss franc, and it was up to 1.3295 Canadian dollars from 1.3251 Canadian dollars.

The Federal Open Market Committee, the Fed's rate-setting body, trimmed the target for the federal funds rate by 25 basis points to a range of 1.75 per cent to 2 per cent after concluding its two-day policy meeting, largely in line with market expectation.

The dollar index, which measures the greenback against six major peers, increased 0.31 per cent at 98.5730 in late trading.