Dollar weakens as Fed offers little hope of summer rate hike

The dollar weakened Wednesday against its main rivals after the Federal Reserve offered little indication that it intends to raise interest rates this summer.

The ICE U.S. Dollar index DXY, -0.26% a measure of the buck’s strength against a basket of six currencies, was down 0.3% at 94.6620.

As was widely expected, the central bank left interest rates on hold, saying that while consumer spending and other economic indicators improved in the second quarter, it still expects to raise rates gradually.

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