The dollar tumbled the
most in six years after the Federal Reserve slashed projections for
U.S. interest rates, tempering the removal of a promise to remain
“patient” on raising borrowing costs.
The greenback weakened
versus most major peers as central bank officials almost halved their
median estimate for the target rate this year. The dollar has been on a
tear for the last six months, with traders boosting bets for further
appreciation to a record high, as the Fed moves closer to tightening for
the first time in almost a decade.
The Bloomberg Dollar
Spot Index, a gauge of the currency’s performance against 10 major
peers, slumped 1.75 percent to 1,194.89, the most since the Fed
announced bond purchases in March 2009. On Friday, the index reached the
highest level based on closing prices going back to 2004.
The dollar depreciated 1 percent to 120.11 yen and lost 2.5 percent to $1.0864 per euro.
Source : Bloomberg
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