The British pound fell to $1.1165 from $1.1476 in the previous session. The US dollar bought 148.24 Japanese yen, higher than 146.96 Japanese yen in the previous session. The US dollar fell from 0.9983 Swiss francs to 1.0124 Swiss francs and from 1.3648 Canadian dollars to 1.3725 Canadian dollars.

The Fed raised its benchmark interest rate by 75 basis points for the fourth consecutive meeting, setting the target range for the federal funds rate between 3.75% and 4.00%.

At his news conference shortly after the rate decision, Fed Chairman Jerome Powell said it was premature to think about halting rate hikes and suggested rates could be higher than expected. did not initially think so.

Monex USA chief commercial officer Juan Perez in Washington says the dollar’s dominance will continue amid speculation of a deepening recession for the global economy, encouraging a greater flight to safety of the dollar.

Futures markets were expecting the U.S. interest rate to peak at 5.15% at its June 2023 meeting, down from around 4.9% originally forecast in May. Meanwhile, the pound fell after the Bank of England (BoE) raised its benchmark interest rate but warned of a very difficult outlook.

The BoE has raised UK interest rates to 3.00% from 2.25% in its biggest rise since 1989 as it battles the twin forces of a slowing economy and runaway inflation .

Inflation forecast by the central bank would hit a 40-year high of 11% in the current quarter, but pushed back on expectations of further rate hikes. The bank said Britain had entered a recession that could potentially last two years, longer than during the 2008-09 financial crisis.

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