India, March 20 -- The U.S. dollar moved up against its major counterparts in the New York session on Thursday on dovish Fed outlook.
The U.S. Federal Reserve held interest rates steady and signaled the possibility of two rate cuts by the end of the year, given increased uncertainty around the economic outlook.
The Fed also lowered its economic outlook for the year, marked up its inflation expectations and said it will start shrinking its balance sheet at a slower pace starting next month amid growing worries around tariffs.
In economic news, data from the Labor Department showed that first-time claims for U.S. unemployment benefits crept slightly higher in the week ended March 15.
The report said initial jobless claims inched up to 223...