Dollar Marks Weakest Single-Day Performance Since September After Fed Rate Cut

The U.S. dollar recorded its weakest daily performance since September after the Federal Reserve cut interest rates by 25 basis points, according to BlockBeats. The dollar index closed down 0.4% on Dec. 11, its largest drop since Sept. 16, as Fed Chair Jerome Powell highlighted labor-market risks while offering a softer tone on inflation in his remarks. Bloomberg cited Bank of America strategist Alex Cohen as saying Powell was “less upbeat on the labor market, compared to what we saw in the previous projections,” a shift that accompanied the dollar’s decline.