The U.S. dollar moved up against its most major counterparts in the New York session on Friday amid hopes of a rate cut by the Federal Reserve later this year.

The Fed maintained its forecast for two reductions this year, but expects softer growth and firmer inflation.

Traders expect the Fed to keep its interest rates on hold until later this year.

U.S. stocks fell amid ongoing concerns about the economic outlook along with rising geopolitical tensions and uncertainty about the impact of President Donald Trump's tariffs.

A steep drop by shares of FedEx (FDX) is also weighing on the markets.

The greenback climbed to a 2-week high of 1.0795 against the euro and a 10-day high of 1.2887 against the pound. The greenback may face resistance around 1.03 against the euro and 1.24 against the pound.

The greenback edged up to 1.4373 against the loonie and 0.5724 against the kiwi. The currency is poised to challenge resistance around 1.46 against the loonie and 0.55 against the kiwi.

The greenback advanced to more than a 2-week high of 0.6257 against the aussie. If the currency continues its uptrend, 0.61 is possibly seen as its next resistance level.

The greenback rebounded against the franc and was trading at 0.8832. The currency is seen finding resistance around the 0.92 level.

In contrast, the greenback held steady against the yen, after easing from a 2-day high of 149.66 seen in the previous session.

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