The dollar stood tall on Thursday after the U.S. Federal Reserve cut rates by 25 basis points, as expected, but its chairman signalled a higher bar for future rate cuts.
The greenback touched a seven-week high of 108.47 against the Japanese yen and stood just below that in Asian morning trade. It also rose on the Swiss franc, hitting a three-month high, and climbed against other major currencies.
The U.S. central bank, on a 7-3 vote, lowered the Fed funds target rate on Wednesday to a range of 1.75% to 2.00% "in light of the implications of global developments for the economic outlook."
Source : Reuters