SINGAPORE : The dollar retreated from a 20-year high on Thursday after the Federal Reserve delivered its biggest rate hike in decades but then tempered its outlook by telling investors that such sharp moves higher were unlikely to become a habit.
"I do not expect moves of this size to be common," he said, though adding that next month either a 50 bp or 75 bp hike was likely. "Against a market pricing in a ~3.75 per cent Fed funds rate by year-end, comments soothed the market and that weighed on the dollar," analysts at ANZ Bank said in a note.
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