Dollar soft after Powell bolsters Fed rate cut bets
Thursday, 11 July 2019 08:11 WIB | CURRENCIES |DOLLAR Indeks DolarDolar AS

The dollar was soft on Thursday after Federal Reserve Chairman Jerome Powell set the stage for a rate cut later this month, vowing to "act as appropriate" to ensure the world's biggest economy will be able to sustain a decade-long expansion.

In testimony to Congress, Powell pointed to œbroad global weakness that was clouding the U.S. economic outlook amid uncertainty about the fallout from the Trump administration™s trade conflict with China and other nations.

Adding to a generally dovish tone in his testimony, the minutes from the Fed's previous policy meeting showed many policy makers thought more stimulus would be needed soon, reviving speculation of an aggressive rate cut.

The euro traded at $1.1260, little changed in early Asia after having gained 0.38% the previous day.

The dollar dipped 0.1% to 108.31 yen, extending its slide from a six-week high of 108.99 set on Wednesday before Powell's testimony.

The dollar's index against six major currencies slipped about 0.4% on Wednesday, turning negative on the week, to 97.104.

Source : Reuters

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