Fed Cuts Cause Dollar To Dip – 30 October, 2019

A third round of interest rate cuts by the Federal Reserve this year caused the dollar to slip against a basket of major currencies, reversing earlier gains. The index dipped from 98.00 to 97.37, down 0.3% and its lowest in a week, after Fed Chairman Jerome Powell spoke on the decision. The dollar last stood at 108.66 yen, and the euro was trading at $1.1167. The pound was slightly higher at $1.2921 after Prime Minister Boris Johnson won a vote to hold a general election in December. The Aussie was at a three month high at $0.6918, while the Kiwi managed to prop itself out of Wednesdays low of $0.6335, last trading at $0.6420.