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Dollar Weakens After Fed Meeting

The pound steadied this morning as Britain prepared to resume negotiations with the European Union over how to resolve the issue of Irish border arrangements after Brexit.

Sterling has strengthened 4 percent this year due to a weaker dollar and expectations that Britain can avoid a no-deal Brexit.

Even if May returns from Brussels empty-handed, the prospect of a fresh set of amendments being debated in London Feb 13/14th will support the pound.

The dollar weakened after the Federal Reserve pledged to be patient with further interest rate hikes.

The Fed left interest rates unchanged last night, as expected, but discarded its promises of “further gradual increases” in interest rates.

The dollar fell to a three-week low against other major currencies and U.S. Treasury yields dropped after the Fed changed its tone.

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