Dollar index stays around 4-year low; Fed holds rates steady

The dollar index lingered around a four year low under 96 mark on Thursday amid ongoing geopolitical and trade tensions. The Federal Reserve left interest rates unchanged as expected, with Chair Powell signaling the central bank is likely to remain on hold for some time. The Fed noted that economic activity continues to expand at a solid pace, unemployment shows signs of stabilization, and inflation remains somewhat elevated. Th dollar index that measures the greenback against a basket of currencies is quoting at 95.92, down 0.34% on the day. Meanwhile, among basket currencies, EUR/USD surged above $1.20 mark, four and half year high amid dollar weakness. GBP/USD is also hovering around a 4-yer high near $1.38 mark. Meanwhile, USD/JPY continues to stay around three month high near 153 mark amid speculation that Japanese authorities would step in to stem further weakness in the domestic currency.

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