The U.S. dollar firmed on Wednesday after the Federal Reserve announced its decision to accelerate the pace of reductions to its asset purchases program and signaled interest rate hikes, but subsequently gave up gains and shed ground against most of its peers.
The central bank, citing rising inflation and further improvement in the labor market, said it has decided to reduce the monthly pace of its net asset purchases by $30 billion per month, double the previously announced $15 billion per month.
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