singapore july 27 reuters  the dollar was on the back foot on thursday after the federal reserve delivered what some expected to be its last rate hike while market focus shifted across the atlantic to the european central banks ecb rate decision later in the day the fed on wednesday raised interest rates by a quarter of a percentage point as expected marking the central banks 11th rate increase in its last 12 meetings while fed chair jerome powell left the door open to another hike in september traders were unconvinced sending the us dollar broadly lower the dollar index was last 004 lower at 10106 away from a twoweek top of 10165 hit earlier in the week though its losses were muted as money markets had already priced in wednesdays 25basispoint increase sterling steadied at 12935 having eked out a slight gain against the dollar in the previous session another hike over the coming months is possible but we would also not rule out wednesdays meeting marking the end of the hiking cycle said emin hajiyev senior economist at insight investment the us is closer to the end of the hiking cycle than its peers a dovish pivot from the fed will likely exert a downward pressure on the us dollar in the medium term the ecb comes under the spotlight next with investors expecting the central bank to similarly raise rates by 25 bps at the conclusion of its monetary policy meeting later on thursday with focus on its forward guidance  ahead of the rate decision the euro firmed at 11083 the ecb looks all but certain to hike the deposit rate by 25 bps this should not surprise market as it has been largely telegraphed said nadia gharbi senior economist at pictet wealth management the real debate is whether the ecb will hike again in september and beyond elsewhere the japanese yen remained under pressure and fell more than 01 to 14043 per dollar ahead of the bank of japans monetary policy decision on friday where it is seen maintaining its ultraloose policy stance boj governor kazuo ueda was quoted as saying at a key government meeting on wednesday that the central bank will maintain accommodative monetary conditions for companies the kiwi rose 027 to 06226 while the australian dollar gained 014 to 06769 the aussie had tumbled nearly 05 in the previous session after a lowerthanexpected inflation reading lessened the pressure for another rate hike by the reserve bank of australia the offshore yuan edged slightly higher to 71433 per dollar though was searching for direction as markets were left feeling mixed after chinas leadership pledged at a key communist party meeting this week to support the economy but offered very little detail on specific measures the worlds secondlargest economy is underperforming said jarrod kerr chief economist at kiwibank chinas in a position where they probably need a little bit more stimulus to keep things going