The dollar was nursing its sharpest fall in more than a month on Thursday after the U.S. Federal Reserve raised its benchmark interest rate by 50 basis points but poured cold water on the idea that even larger rises could lie ahead.
Fed funds futures rallied to take some of the edge from markets' aggressive outlook on U.S. rates, though a further 200 bps of hikes remain priced in for the rest of the year.
"I don't think it's hyperbole to say that today represented the first 'dovish' surprise by the Fed relative to market expectations in over six months."
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