The U.S. dollar fell against most major currencies on Thursday, giving up some of the gains it made on Wednesday, after the Federal Reserve warned of rising risks to the economy stemming from increasing inflation and unemployment.
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According to Bloomberg News, the U.S. Dollar Index—which measures the currency’s performance against six major peers—dropped by 0.2% to 99.682, erasing about two-thirds of its gains from the previous day.
The dollar slipped 0.1% to 143.63 yen and fell 0.2% to 0.8229 Swiss francs, while the euro edged up 0.2% to $1.1327.
The British pound and the Australian dollar both surged after U.S. President Donald Trump stated he would announce a "major trade deal" later on Thursday. The New York Times reported that the United Kingdom is expected to be the signing country.
The pound rose 0.4% to $1.3341, despite widespread expectations that the Bank of England would cut interest rates by a quarter-point later in the day.
The Australian dollar gained as much as 0.6% against the U.S. dollar.
Meanwhile, the New Zealand dollar advanced by around 0.5%, while the Chinese yuan remained largely unchanged at 7.2325 per dollar in offshore trading, after falling 0.26% the previous day. — (Petra)
