June 19, 2019 / 6:16 PM / a month ago

FOREX-Dollar drops after Fed holds rates steady, risk assets gain

NEW YORK, June 19 (Reuters) - The dollar weakened against other major currencies on Wednesday after the Federal Reserve held interest rates steady at its regular meeting, but signaled a possible rate cut of as much as a half a percentage point by the end of the year.

Against the euro, the dollar was down 0.46% to $1.124 , and against the pound it was down 0.8% to $1.267. The dollar index, which measures the currency against a basket of six rivals, was down 0.51% to 97.148. The drop slowed however as the market digested the news and some initial losses were retraced.

In response to the announcement, investors moved money out of safe-haven assets like the dollar and U.S. Treasuries and into stocks. (Reporting by Kate Duguid Editing by Chizu Nomiyama)

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