By Rae Wee SINGAPORE, Dec 10 (Reuters) - The yen looked punch-drunk on Wednesday after a sudden spill overnight, pressured by wide interest rate differentials between Japan and the rest of the world
US Dollar Declines Against Peers After Fed Rate Cut
NEW YORK, Dec 10 (Reuters) - The U.S. dollar extended losses against major peers including the euro, Swiss franc, and Japanese yen on Wednesday after the Federal Reserve lowered interest rates in a widely expected move.
The Fed's decision to lower the benchmark policy rate by a quarter of a percentage point to the 3.50%-3.75% range drew three dissents: Chicago Fed President Austan Goolsbee and Kansas City Fed President Jeffrey Schmid argued that the policy rate should be left unchanged, while Fed Governor Stephen Miran again advocated for a larger half-percentage-point reduction.
The greenback lost ground against peer currencies immediately after the Fed's announcement. The dollar weakened 0.58% against the Swiss franc to 0.801 and was last down 0.4% to 156.24 against the Japanese yen.
The euro was up 0.39% at $1.167. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, fell 0.38% to 98.84.
(Reporting by Chibuike Oguh in New York; Editing by Nia Williams)
