The dollar strengthened on Friday, despite the anticipated reduction in U.S. interest rates by the Federal Reserve. As of 10:15 AM GMT, the American currency has appreciated by 0.27% against the euro, reaching $1.0776, and is up by 0.20% against the pound, trading at $1.2960.
On Thursday, the Federal Reserve enacted its second rate cut of the year, lowering rates to a range of 4.50% to 4.75%. This follows a half-point cut in September, which was the first reduction since March 2020. Jerome Powell, the chairman of the U.S. monetary authority, did not dismiss the possibility of another rate cut in December, contingent upon economic conditions.
