02.02.201700:04:00UTC+00Dollar Weakens after Fed Meeting

The dollar fell and continued to retreat towards recent lows after the Federal Reserve announced that it will hold rates unchanged. The Australian dollar strengthened after latest data showed that the country reached a record trade surplus the previous month.

The Fed presented a relatively positive outlook of the U.S. economy during its first meeting since President Donald Trump took office, however, the dollar edged down from its session highs overnight when policy makers highlighted that some market-based measures of inflation remained low. The dollar index inched slightly lower to 99.607, as it returned to a more than seven-week low of 99.430 it notched on Tuesday.

The Aussie added 0.6 percent to $0.7620, after it reached $0.730, its top peak since November 2016. The dollar against the Japanese yen was fetching 113.03 yen, off 0.2 percent but above the earlier low of 112.98. The euro was up 0.1 percent to $1.07820.

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