Dollar on back foot after Fed scales back rate hike projections

June 16, 2016 12:47 AM

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Dollar on back foot after Fed scales back rate hike projections

TOKYO The dollar was on the defensive on Thursday after the U.S. Federal Reserve lowered its economic growth forecasts and scaled back its rate hike projections, cementing expectations that it will have to skip tightening next month.

The euro EUR= firmed to $1.12635 from this week's low below $1.1200. The yen JPY= hit a 20-month high of 105.41 to the dollar before stepping back to steady around 105.84.

Also read: Solid Job Growth Strengthens Prospect for a Fed Rate Increase

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