US Dollar Gains as Fed Keeps Interest Rates Steady
The dollar rose Wednesday as the Fed held rates steady and projected higher inflation. Officials cited the economic impact of the conflict in the Middle East.
The United States dollar strengthened against major currencies on Wednesday, rebounding from a two-session decline after the Federal Reserve kept interest rates steady. The central bank indicated that inflation remains a concern and projected only a single interest rate cut for the year, as officials assess the economic impact of the conflict between Israel and Iran. Demand for the currency has risen since the Middle East conflict began three weeks ago, with the dollar reaching a 10-month high last week as investors sought safety amid rising oil prices. Market data showed the U.S. Dollar / Swiss Franc rose 0.71% to 0.79 against the currency of Switzerland. Additionally, the Euro / U.S. Dollar fell 0.24% to $1.151, and the U.S. Dollar Index gained 0.28% to reach 99.83.
