Dollar dips as Fed signals pause in rate-cutting cycle

The dollar fell against a basket of major currencies on Wednesday after the Federal Reserve cut its policy rate by a quarter point to 1.50%-1.75%, its third cut this year. The Fed also dropped its 'will act as appropriate' language, which had been read as a signal of further cuts.

The dollar index rose to 98.00 as Powell spoke, then retraced to about 97.53.