The dollar clawed back much of the ground it had lost on Thursday after posting its biggest daily fall in 18 months in the wake of a much more cautious Federal Reserve statement on interest rates than expected. The Fed removed a reference to being "patient" on rate rises from the statement it issued after its policy meeting. But it also downgraded its views on the economy and inflation and lowered its interest rate trajectory. That signalled a far more gradual path to policy normalisation than many investors had foreseen, and drove the dollar down around 1.8 percent against a basket of currencies on Wednesday ... (full story)