ICE U.S. Dollar Index up 0.4% at 94.988

ICE U.S. Dollar Index up 0.4% at 94.988

Dollar pares some gains after Fed update on economy

The U.S. Dollar retraced some of its gains on Wednesday, after the Federal Reserve gave its August policy update. The central bank left interest rates unchanged — as expected — and upgraded the U.S. economic expansion to “strong” from “solid.” The Fed also commented on decent job gains in recent months in recent months in the accompanying statement. The next data point due to confirm this statement are July non-farm payrolls due Friday. The Fed is expected to raise interest rates next at its September meeting, with Fed funds futures showing a 90% chance of a rate hike. It would be the eighth raise since late 2015. The ICE U.S. Dollar Index pared some of its advances and was last up 0.1% at 94.589, compared with 0.2% before the announcement.

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