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Dollar pares losses as Fed lift rates

The U.S. dollar pared earlier losses on Wednesday after the Federal Reserve raised its key interest rate by 25 basis points. The move had been widely anticipated by market participants and marks the second rate hike of the year out of at least three expected from the U.S. central bank. Focus now shifts to Fed Chairman Jerome Powell who will hold a press conference to discuss the policy update at 2.30 p.m. Eastern.