The U.S. dollar fell to its lowest level since early February on Wednesday as the Federal Reserve reaffirmed its dovish stance. The central bank downgraded its expectation of interest rate increases to zero for 2019, from two expected hikes before. Although this aligned the Fed's forecast with those of many market participants, it reinforced the idea that a major driver of the dollar's strength last year has petered out. The Fed also downgraded its economic outlook, dropping its gross domestic product forecast to 2.1% for this year, from 2.3% before, and said that the winding down of its balance sheet would end in September. The popular ICE U.S. Dollar Index , which measures the buck against six rivals, turned negative after the Fed update. The gauge was last down 0.5% at 95.947, its lowest level since earlyFebruary, according to FactSet. Market participants are now turning their attention to a news conference with Fed Chairman Jerome Powell scheduled for 2.30 p.m. Eastern.