Forex – Dollar Inches Up After Fed; Aussie Dollar Also Gains

0 – The U.S. dollar inched up on Thursday after the Federal Reserve increased the overnight funds rate to a range of 2.00% to 2.25%.

The U.S. dollar index, which tracks the greenback against a basket of other currencies, was trading at 93.89 by 12:47AM ET (04:47 GMT), up 0.01%.

The Fed’s Chairman Jerome Powell also discussed trade related issues, adding that the Fed had heard a “rising chorus of concerns from businesses all over the country.”

He also indicated there was no change in his thinking on monetary policy, although the Fed made an amendment to the statement by removing the use of “accommodative” to describe its stance on monetary policy.

There was much debate about whether removal of that key phrase was hawkish or dovish, but the Fed chief poured some cold water on the speculation.

“The change does not signal any change in the likely path of policy,” Powell said at his press conference. “Instead it is a sign that policy is proceeding in line with our expectations.”

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