US Dollar shines after Fed Confab; pound dims, still down with Brexit woes

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The US dollar shone in Asia in the midst of the announcement of the Federal Reserve to cut the interest rate by 25 points on Thursday.

The US Dollar Index gained 98.597, rose 0.4%.

After the conference, Powell explained the Fed’s unprecedented but long-anticipated move of cutting rates despite the stable economic performance of powers at the present.

According to him, ongoing trade conflicts between several countries have affected the market with investors holding off as the tension heats on.

Powell continued by hinting, that this is not the only cut-rate, but just the beginning of the series.

Meanwhile, pound continues its dim performance, losing by 0.3%. This is still caused by the fears of Britain leaving the European Union without a deal.

Newly elected British Prime Minister Boris Johnson is firm with his stance to pull Britain out of the EU by the end of October this year - with a deal or no deal.

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