Dollar drops to 2-week low vs yen on change in Fed outlook
Thursday, 31 January 2019 23:33 WIB | CURRENCIES |DOLLARDolar AS

The dollar fell against most major currencies on Thursday, dropping to a two-week low versus the yen, pressured by the Federal Reserve's cautious U.S. economic outlook suggesting the central bank is near the end of its tightening cycle.

The Fed's dovish stance in Wednesday's policy statement took the market by surprise even though it has preached patience and balance sheet flexibility for some time. Analysts said the statement felt like the Fed did a turnaround from its previous generally upbeat stance.

Over the last two months, the dollar index, which tracks the currency versus six major rivals, has fallen around 2.0 percent, on track for its worst two-month performance in a year.

In mid-morning trading, the dollar fell 0.3 percent against the yen to 108.75 after earlier falling to a two-week low of 108.51.

The greenback also fell 0.2 percent against the Swiss franc, to 0.9921 franc, and was down 0.1 percent against the euro, which traded at $1.1487.

The dollar index, meanwhile, was flat on the day at 95.337, recovering from a three-week low.

Source: Reuters

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