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U.S. Dollar Remains Lackluster After Fed Rate Cut

Investing.com - The U.S. dollar remained lower against other currencies on Thursday after falling during the prior session when the Federal Reserve cut rates by 25 basis points and failed to give clarity on further easing.

The Fed cut interest rates to a target range of between 1.50% and 1.75% and dropped previous phrase that it "will act as appropriate" to sustain the economic expansion.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.3% to 97.148 as of 10:14 AM ET (13:14 GMT).

The safe-haven Japanese yen was higher with USD/JPY down 0.7% to 108.07, as trade tensions weighed.

A report by Bloomberg cast doubt over the course of the U.S.-China trade dispute, alleging that Chinese officials are reluctant to commit to any long-term deal with President Donald Trump, whom they see as unreliable. That's despite both countries saying they had made substantial progress to a preliminary deal in the coming weeks. The report repeated familiar complaints by Chinese officials resisting the structural reforms demanded by the U.S., which include state subsidies and protection for intellectual property rights.

Elsewhere, sterling was higher, with GBP/USD up 0.4% to 1.2947 while EUR/USD was flat at 1.1146.

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