Dollar Claws Back Losses After Fed Goes Big on Rate Cut

FOREX - SINGAPORE. The U.S. dollar rose broadly on Thursday, reversing a brief tumble in the immediate aftermath of the Federal Reserve's outsized interest rate cut that had been largely priced in by markets.

The U.S. central bank on Wednesday kicked off its monetary easing cycle with a larger-than-usual half-percentage-point reduction that Chair Jerome Powell said was meant to show policymakers' commitment to sustaining a low unemployment rate now that inflation has eased.