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US Dollar Extends Drop as Fed Leads Global Pivot to Monetary Easing
The dollar was on pace for its biggest two-day decline since July as investors continue to adjust to the new outlook for US interest rates after Wednesday’s Federal Reserve meeting. The Bloomberg Dollar Spot Index fell as much as 0.8% to the lowest level since August. That followed a 0.8% drop after Fed policy makers said they’ve begun to contemplate the timing of interest-rate cuts. The euro and the pound gained more than 1% against the greenback Thursday after their central banks kept rates unchanged. The onshore Chinese renminbi also climbed nearly 1%. Fed officials released new quarterly forecasts that ... (full story)