NEW YORK -- The dollar extended losses against most major currencies on Wednesday after oil soared to a new record and the U.S. Federal Reserve sharply lowered its projection for U.S. economic growth this year.
Light, sweet crude for July delivery settled at 133.17 dollars a barrel on the New York Mercantile Exchange after a government report showed that U.S. crude inventories fell unexpectedly last week.
Under its new economic forecast, the Federal Reserve said it now believes gross domestic product will grow between just 0.3 percent to 1.2 percent this year.
That's lower than a previous Fed forecast, released in late February, that estimated growth to be between 1.3 percent and 2 percent.
The euro bought 1.5780 dollars in late New York trading compared with 1.5669 dollars it bought late Tuesday. The British pound rose 1.9689 dollars from 1.9677 dollars.
The dollar fell to 1.0272 Swiss francs from 1.0368 Swiss francs, and unchanged at 104.17 Japanese yen. It fell to 0.9848 Canadian dollars from 0.9923 Canadian dollars.
Light, sweet crude for July delivery settled at 133.17 dollars a barrel on the New York Mercantile Exchange after a government report showed that U.S. crude inventories fell unexpectedly last week.
Under its new economic forecast, the Federal Reserve said it now believes gross domestic product will grow between just 0.3 percent to 1.2 percent this year.
That's lower than a previous Fed forecast, released in late February, that estimated growth to be between 1.3 percent and 2 percent.
The euro bought 1.5780 dollars in late New York trading compared with 1.5669 dollars it bought late Tuesday. The British pound rose 1.9689 dollars from 1.9677 dollars.
The dollar fell to 1.0272 Swiss francs from 1.0368 Swiss francs, and unchanged at 104.17 Japanese yen. It fell to 0.9848 Canadian dollars from 0.9923 Canadian dollars.
