SINGAPORE : The dollar was nursing its sharpest fall in more than a month on Thursday after the U.S. Federal Reserve raised its benchmark interest rate by 50 basis points but poured cold water on the idea that even larger rises could lie ahead.
Sterling rose more than 1 per cent to $1.2605 and swaps markets are fully pricing a 25 bp hike from the Bank of England later in the day. "The Fed simply could not hurdle the hawkish bar that the market had set," Brian Daingerfield, head of G10 foreign exchange strategy at NatWest Markets, wrote in a note to clients.
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