Dollar Pares Drop as Fed Sees Just One Interest-Rate Cut in 2024
- Euro trims gain after rising as much as 1% against the dollar
- Fed keeps benchmark rate unchanged as expected on Wednesday
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The US dollar curbed its losses after the Federal Reserve reduced the number of projected interest-rate cuts this year to just one.
The Bloomberg Dollar Spot Index fell 0.3%, after dropping as much as 0.6% earlier in the session. The decline, sparked by cooler-than-expected US inflation, was trimmed after the Fed dialed back its expectations to only one rate cut this year, from three, and left its benchmark rate unchanged, as expected.