The dollar climbed near a three-week high against the euro on Wednesday in afternoon in New York. Trading was choppy into the morning and the dollar got as high as 1.3527 at 7 a.m. ET. But it fell at around 8:30 a.m. and reached as low as 1.3566 before leveling. It shot up after the 2 p.m. Fed announcement and hit as high as 1.3520 at around 3:15 p.m. ET.
The greenback was up against the yen on Wednesday morning in New York, despite an early slip. The dollar trended up sharply beginning at around 10 a.m. and saw its biggest gains at around 2 p.m. In general, the pair has been range-bound for a few days.
The dollar lost ground to the sterling on Wednesday in New York, but made up a good amount of its losses in the afternoon. The greenback saw little movement during the early morning, but around 5 am Eastern Time, the buck began to slip. The dollar saw its largest drop at 8 am Eastern Time and reached a weekly low of 1.9995 at 9:30 a.m. The dollar climbed slowly from there and then shot up at around 2 p.m. Trading was level from about 3 p.m. on, and the pair was at 1.9932 at around 4 p.m. ET.
At its regularly scheduled meeting, the Federal Open Market Committee, the policy making arm of the U.S. central bank, announced that it has decided to keep its target for the federal funds rate at 5.25%. This marked the seventh consecutive meeting at which the Fed left its benchmark rate unchanged. The central bank`s last policy move took place in late June of 2006, when it announced the last in its series of 17 quarter-percentage point rate hikes.
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