The dollar nursed losses in Asia on Thursday after the Federal Reserve roiled ma...
SYDNEY - The dollar nursed losses in Asia on Thursday after the Federal Reserve roiled markets by abandoning all plans to raise rates this year, a signal its three-year campaign to normalise policy might be at an end.
The Fed’s swerve sent the dollar sliding to 110.47 yen, with its 0.6 percent loss overnight the biggest drop since the flash crash of early January. “Markets were universally poised for a very benign outcome and the Fed dutifully delivered, their message overall matching the most dovish of expectations,” said Richard Franulovich, head of FX strategy at Westpac.
Driving home the dovish shift, the Fed will now stop running down its balance sheet in September, some months earlier than many had expected. That need for stimulus means many central banks will not want to see their currencies appreciate against the dollar, giving them reason to sound ever more accommodative.
One currency with problems of its own was sterling, which retreated to $1.3205 after British Prime Minister Theresa May’s request to delay Brexit until June 30 faced resistance from parts of the European Union.
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