The dollar fell after the Federal Reserve last night held off on raising interest rates. The US central bank declined to boost its short-term interest-rate target at a policy-setting meeting, opting to delay an increase amid stubbornly low inflation, an uncertain outlook for global growth and recent financial market turmoil.

Stocks and the euro fell yesterday as investors worried about details of a €100bn deal to shore up Spain’s banks, prompting traders to cash in hefty gains triggered by the widely expected deal.