The dollar dropped sharply Wednesday after Federal Reserve policy makers hinted that interest-rate increases will be slower than investors had expected—and that they’re not yet “reasonably confident” that inflation is rising toward their target level.The ICE U.S. Dollar Index DXY, -0.20% a measure of the dollar’s strength against a basket of six currencies, was down 0.74% to 95.8810.
The euro EURUSD, +0.2646% strengthened to $1.1340, its highest level since late February, from $1.1244 late Tuesday in New York; the pound GBPUSD, +0.0442% rose to $1.5834, its highest level of 2015, from $1.5642; the dollar USDJPY, -0.25% traded at ¥123.42, little-changed from its late-Tuesday level.
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