Forex Market Update : Epic Research Singapore

The U.S. dollar on Wednesday spiraled lower against its major and emerging-market rivals after the Federal Reserve cut its outlook for the number of interest-rate hikes in 2016.

The ICE U.S. Dollar index DXY, -0.05% a measure of the buck’s strength against a basket of six rival currencies, was up 0.4% at 97.01.

The dollar weakened to ¥112.57 USDJPY, +0.11% compared with ¥113.02 late Tuesday in New York. The euro strengthened to EURUSD, -0.0891%  $1.1217, compared with $1.1107 Tuesday. The pound GBPUSD, +0.0351%  surged to $1.4248, compared with $1.4155 Tuesday.

Among emerging market currencies, the South African rand USDZAR, +0.0185% Russian ruble USDRUB, +0.2192%  and Mexican peso USDMXN, +0.0477%  were among the best performers against the dollar.

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