NEW YORK, June 11 ― The dollar slid to a three-month low and a gauge of global stocks fell yesterday after the Federal Reserve projected a more sluggish recovery than the market expected, but the Nasdaq hit a fresh high on expectations of low interest rates past 2022. The greenback fell to...
The greenback fell to three-month troughs against the euro, sterling and Swiss franc after the end of a two-day meeting of the Fed's policy-setting committee. — Reuters pic
“What they're looking at is a rebound that is going to take at least until 2022. That fits maybe a little worse-than-expected consensus,” said Marvin Loh, senior global macro strategist at State Street Global Markets in Boston. Low rates, however, will hurt banks and their loan portfolios. An S&P subsector of banking shares fell 5.8% in its biggest daily percentage decline since April 15, while the S&P 500 financial sector was the biggest drag on the overall index.
The dollar fell about 0.4 per cent against a basket of major currencies to 95.882, after earlier sliding to 95.714, a level not seen since mid-March.
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