Dollar Posts Its Worst Day Since September After Fed Cuts Rates
Federal Reserve Chair Jerome Powell during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, on Dec. 10.
Photographer: Al Drago/BloombergThe dollar posted its worst day in nearly three months after Federal Reserve Chair Jerome Powell highlighted labor market risks while downplaying inflation concerns on Wednesday.
The Bloomberg Dollar Spot Index ended the session down 0.4%, its biggest drop since Sept. 16, following the Fed’s decision to lower borrowing costs by a quarter percentage point. The greenback lost ground against all of its peers among developed markets, with the Swiss franc and British pound among top performers. The Swiss franc rose 0.8%, while the pound advanced 0.7%.