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Dollar licks its wounds after US Federal gores bulls
 

The dollar nursed hefty losses on Thursday, having suffered its biggest one-day fall against the euro in six years after the Federal Reserve struck a much more dovish than expected tone on interest rates while highlighting the currency's drag on US exports.
 
As expected, the Fed dropped the word "patient" from its statement in terms of raising interest rates, 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 expected.
 
Against the yen, the greenback slid as low as 119.29 overnight, its lowest since Feb. 27, trading below 120.00 for the first time in nearly three weeks. It recovered some ground to last stand at 120.13 yen, slightly higher on the day.

Sterling falls below $1.48 as investors buy back the dollar
 

Sterling fell below $1.48 on Thursday as investors bought back the dollar, having traded above $1.50 on Wednesday after a much more cautious than expected statement from the Federal Reserve.
 
Having risen 1.5 percent on Wednesday in its biggest daily rise in 5 1/2 years, sterling fell more than 1 percent to $1.4795 in European trading. 

But against the euro, which was under pressure after recording its biggest daily gains against the dollar in six years, the pound gained 0.8 percent to trade at 71.925 pence.

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