After climbing higher in the European session and holding firm till well past noon on Wednesday, the U.S. dollar pared gains after the Federal Reserve left interest rates unchanged and signaled a few rate cuts this year.
The Fed left the target range for the federal funds rate at 5.25 to 5.5% as widely expected. While the accompanying statement said Fed officials still need "greater confidence" inflation is moving sustainably toward 2% before cutting rates, the projections still point to three rate cuts this year.
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