The dollar rose against the euro on Thursday as investors pulled their money from commodities and put them into dollar-based investments.

The dollar was trading at $1.5444 per euro at 2:45 p.m., compared to $1.5626 yesterday. The dollar has risen 3 percent from its record low of $1.5905 on Monday.

Commodities fell with oil down 1.3 percent; copper falling 1.7 percent, gold declining 2.5 percent and Soybeans dropping 4 percent.

Yesterday the Federal Reserve reduced its benchmark interest rate by 0.75 percent to 2.25 percent, a smaller drop than some analysts expected. It also stressed in a statement that signs of inflation expectations have rise. A pair of Fed members also voted against the cut, arguing for a smaller decrease.

The dollar also rose against the yen, trading at 99.14 yen, compared to 99.03 yen yesterday.

Inflation European union