The dollar fell on Thursday after the U.S. Federal Reserve signaled to the market that the end of the central bank’s rate hike campaign is near, Reuters writes.

Investors were optimistic about a dovish hint from Fed chief Jerome Powell’s statement on Wednesday that the world’s largest economy had begun a deflationary process, although he made it clear that the interest rate would continue to rise and that no cut was imminent for now.

The USD index fell to a new nine-month low of 100.80 after the Fed’s statement on Wednesday, made after the conclusion of a two-day meeting in which officials agreed to raise the rate by 25 basis points, the first explicit acknowledgement by the central bank of slowing inflation.

It was last down 0.07% to 100.88, ending a decline of more than 1% on Wednesday.

The Australian dollar rose to an 8-month high of $0.7158 in early Asian trade on Thursday and last traded at $0.7150 after rising 1.2% in the previous session.

The New Zealand dollar also hit a new 8-month peak of $0.65365 after rising more than 1% on Wednesday.

Against the Japanese yen, the dollar fell more than 0.5% to a low of 128.17.

The European Central Bank and the Bank of England will announce their interest rate decisions today. Each is expected to raise each rate by 50 basis points.

The euro rose to about a 10-month peak of $1.1034 on Thursday and was last up 0.3% to $1.1023, while the pound rose 0.14% to $1.2392.

Eurozone inflation fell in January for the third straight month, data showed on Wednesday. But underlying price growth remained stable despite falling energy prices.