Trump's remarks came a day before the Fed was set to announce its next decision on interest rates.Politicsread more
In a tweet, Trump said that he and Xi "had a very good telephone conversation," and that "our respective teams will begin talks prior to our meeting."Politicsread more
Democratic Rep. Maxine Waters on Tuesday requested that Facebook pause its development of Libra, an upcoming cryptocurrency that the company plans to release in 2020.Technologyread more
Tensions between China and the U.S. are threatening to slow global trade further, threatening some Asian economies.Asia Economyread more
Stocks in Asia jumped on Wednesday morning following positive developments overnight on the U.S.-China trade front.Asia Marketsread more
U.S. President Donald Trump officially kicked off his reelection campaign Tuesday at a Florida rally where he exhorted thousands of rollicking supporters to keep advancing his...Politicsread more
Tesla loses vice president of HR and head of diversity, Felicia Mayo, one of a few black woman executives to break Silicon Valley's glass ceiling.Technologyread more
Union Pacific CEO Lance Fritz tells Jim Cramer that he is optimistic about trade relations with China, Mexico, Japan, and the EU.Mad Money with Jim Cramerread more
The S&P 500 is closing in on its all-time high, and is likely to sail past it, as long as the Fed promises lower interest rates and the trade war calms down.Market Insiderread more
American Airlines pilots plan to tell lawmakers they are still concerned about fixes to grounded Boeing 737 Max planes.Airlinesread more
President Donald Trump on Tuesday announced that he will not nominate acting Defense Secretary Patrick Shanahan to hold the position in a permanent capacity. Army Secretary...Politicsread more
The dollar fell on Wednesday, touching its lowest level in more than a year against a basket of currencies after the release of the Federal Reserve's policy statement following its July meeting.
The Federal Open Market Committee announced no changes to monetary policy, as expected. Policymakers said, however, that the U.S. central bank would begin implementing balance sheet normalization "relatively soon." That marked a change from the committee's previous statement that it would begin to reduce its $4.5 trillion bond holdings "this year."
The dollar index, which measures the greenback against six major currencies, fell to 93.396, its lowest since June 23, 2016.
"In our mind, 'relatively soon' is consistent with (a balance sheet reduction in) September, but there couldve been a hope for stronger language or a more clear signal for September," said Vassili Serebriakov, FX strategist at Credit Agricole. "Maybe the market sees September as somewhat of a question mark. We dont. But relatively soon could be open to some interpretation."
While the statement did seemingly set the Fed up to begin paring its balance sheet as soon as its next meeting in September, the lack of surprise allowed the market to revert to the trend of dollar weakness seen before the statement's release.
"Theres just a lot of momentum in dollar selling in general," Serebriakov said. "Once the statement was out of the way and didnt really give any reasons to buy the dollar, the market tried to push for new highs in some of the other currencies."
The dollar index has fallen about 4 percent over the last month and more than 8.5 percent this year.
Analysts also pointed to technical trading levels that were breached once the dollar began to fall, triggering more selling and a further decline in the greenback.
The euro, which had been bumping up against a 23-month high for most of the week, pushed through that mark to touch $1.1739, its highest since Jan. 15, 2015.
The dollar fell to a more than 2-year low against its Canadian counterpart, dropping to C$1.2416, its lowest since June 30, 2015.
Against the yen, the dollar dropped 0.02 percent to 111.13 yen, reversing early gains.
The dollar also surrendered its early rise versus the Swiss franc, last down 0.1 percent at 0.9514 franc.