Dollar pares losses as Fed lift rates
The U.S. dollar pared earlier losses on Wednesday after the Federal Reserve raised its key interest rate by 25 basis points. The move had been widely anticipated by market participants and marks the second rate hike of the year out of at least three expected from the U.S. central bank. Focus now shifts to Fed Chairman Jerome Powell who will hold a press conference to discuss the policy update at 2.30 p.m. Eastern. Analysts will be looking for clues about future rate hikes and whether the central bank sees scope for four such raises in total in 2018. The ICE U.S. Dollar index , which measures the bucks against six rivals, was retraced its earlier downtrend but failed to get far in positive territory. The gauge was last up 0.1% at 93.865, while the euro , which is the greenback’s main rivals, last fetched $1.1747, little changed from Tuesday.