Dollar, global stocks slip as Fed signals slow growth | Malay Mail

The greenback fell to three-month troughs against the euro, sterling and Swiss franc after the end of a two-day meeting of the Fed's policy-setting committee. — Reuters pic

“What they're looking at is a rebound that is going to take at least until 2022. That fits maybe a little worse-than-expected consensus,” said Marvin Loh, senior global macro strategist at State Street Global Markets in Boston. Low rates, however, will hurt banks and their loan portfolios. An S&P subsector of banking shares fell 5.8% in its biggest daily percentage decline since April 15, while the S&P 500 financial sector was the biggest drag on the overall index.

The dollar fell about 0.4 per cent against a basket of major currencies to 95.882, after earlier sliding to 95.714, a level not seen since mid-March.

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