The U.S. dollar rose on Thursday in Asia after the Federal Reserve cut its key interest rate by 25 basis points as expected, but hinted that more cuts are not guaranteed.

The U.S. Dollar Index gained 0.4% to 98.597 by 12:13 AM ET (04:13 GMT).

Fed Chair Jerome Powell caused some confusion and eventually a huge selloff in the U.S. stock markets by first suggesting the cut might be the only cut and then saying there might be more.

The GBP/USD pair was down 0.3% to 1.2125. The pound continued its downward momentum as investors rushed to factor in the possibility of Britain leaving the European Union without a deal.

The USD/JPY pair traded 0.4% higher to 109.18.

The AUD/USD pair and the NZD/USD pair both inched up 0.1%.

Source: Investing.com