Currencies: Dollar slides to 11-week low as Fed kills hopes for March rate hike

The dollar moved another sharp leg lower on Thursday, with a key dollar index touching an 11-week low after the Federal Reserve disappointed hawkish investors and hinted there won’t be a rate hike in March.

The ICE Dollar Index DXY, -0.41% fell 0.3% to 99.353, trading around its lowest level since Nov. 14, according to FactSet data.

Against the yen, the greenback USDJPY, -0.77% dropped to ¥112.55, much lower than ¥113.27 late Wednesday in New York.

“With Donald Trump’s protectionist policies dragging the dollar lower since the inauguration, traders would have been looking for the Fed to bring some sort of balance to support the dollar,” said Richard Perry, market analyst at Hantec Markets, in a note.

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