Dollar near 3-week low as Fed’s Powell less hawkish than feared

Published by
Reuters UK

By Kevin Buckland and Rae Wee TOKYO (Reuters) – The U.S. dollar languished near a three-week low to major peers on Thursday after Federal Reserve Chair Jerome Powell assuaged trader worries about continued aggressive monetary tightening. The dollar index, which measures the greenback against six counterparts, slid overnight after the Fed raised the benchmark rate by an as-expected 75 basis points to bring it closer to neutral, while noting that although the labour market remains strong, other economic indicators have softened. Powell said “another unusually large” rate increase could be approp…

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