Dollar gains ground after Fed delivers bumper 50 basis point rate cut

Quick Summary:

NEW YORK :The dollar edged higher in choppy trading after the Federal Reserve on Wednesday cut interest rates by half a percentage point, citing greater confidence that inflation will continue to recede to the U.S.central bank's 2 per cent annual target.

The Fed cut the overnight rate to the 4.75 per cent-5.

The yuan strengthened against the dollar at 7.0780 per dollar in offshore trading, making it the strongest since June 2023.

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Category: EconomyBusiness

Markets: SingaporeJapanNorwayOmanSweden

Topics: Percentage York Dollar Year Last Powell Cent Rate Trading Point Market

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-19 @ 02:17:11 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 778 words

Reading Time: 5 minutes read

Sentences: 25 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Channel News Asia

News ID: 22581612

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About Channel News Asia

Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

Update Frequency: 5 posts per day

Year Established: 1999

Headquarters: Singapore

News Last Updated: 14 hours ago

Coverage Areas: Singapore

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Publication Timezone: GMT +8:00

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News Language: English

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Publisher ID: #27

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