Dollar gains against yen as Fed hints at September hike

The dollar briefly strengthened Wednesday after the Federal Reserve left interest rates on hold while hinting that it could hike its benchmark interest rate as soon as September.

However, its gains were short-lived as the currency soon returned to its levels before the announcement, as a disappointing report on durable-goods orders released earlier in the day encouraged traders to wait for more information before piling into the long-dollar trades, said Naeem Aslam, chief market analyst at ThinkMarkets.

ICE U.S. Dollar index DXY, -0.14% which gauges the dollar’s strength against a basket of six rival currencies, was flat at 97.1370 late Wednesday, following the 2 p.m. Eastern decision from the Fed.

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