New York: The US dollar weakened against its major rivals in late trading on Wednesday after Federal Reserve Chairman Jerome Powell's gloomy comments on US economy.
Powell said on Wednesday that crosscurrents such as trade tensions and concerns about global growth have been weighing on the US economic activity and outlook, the Xinhua news agency reported.
In his prepared remarks to lawmakers at the House Committee on Financial Services, where he testified on the Semiannual Monetary Policy Report, the Fed chief said many participants of the Federal Open Market Committee (FOMC) "saw that the case for a somewhat more accommodative monetary policy had strengthened."
Powell said Fed officials were mindful of ongoing crosscurrents from global growth and trade at the May FOMC meeting, adding that since then "these crosscurrents have re-emerged, creating greater uncertainty."
The remarks bolstered market expectations for imminent rate cuts from the US central bank.
The dollar index, which measures the greenback against six major peers, fell 0.41 per cent at 97.0992 in late trading.
In late New York trading, the euro rose to 1.1253 dollars from 1.1207 dollars in the previous session, and the British pound rose to 1.2507 dollars from 1.2466 dollars in the previous session. The Australian dollar increased to 0.6961 dollar from 0.6927 dollar.
The dollar bought 108.42 Japanese yen, lower than 108.87 Japanese yen of the previous session. The dollar decreased to 0.9893 Swiss franc from 0.9935 Swiss franc, and it decreased to 1.3070 Canadian dollars from 1.3126 Canadian dollars.
- Home
- Forex Review
- Dollar weakens amid Powel
Related Post
Governor performs aarti at Raj Bhavan’s Temple on Ram Navami
On Wednesday, the occasion of Ram Navami, Maharashtra Governor Ramesh Bais visited the Ram Mandir on the Raj Bhavan premises…
“Grand Ram Navami Celebrations Illuminate Wadala’s Ram Temple in Mumbai!”
Ram Navami celebrations in the Ram Temple at Wadala, Mumbai. Ram Navami is a popular Hindu festival commemorating the birth…
GPS Renewables Secures $50 Million in Debt Financing
The company has previously raised $20 million in equity funding from Neev Fund II by SBICap Ventures, Netherlands-based Hivos-Triodos Fund…
Salman Khan Residence Firing Incident
Mumbai court sends the two accused, Vicky Gupta and Sagar Pal- to 10-day police remand.
Special News
-
Janet Bray Attwood – A Passion Pioneer
December 27, 2023 -
Balattan leaves behind legions of admirers
October 12, 2021 -
Eulogy to a marketing colossus
August 30, 2021 -
Unsung warriors Mumbai Customs
July 13, 2021 -
Adieu to a top bureaucrat
July 11, 2021 -
New CBI chief can uncage the parrot
June 1, 2021 -
Shirley Pillai Saviour for school kids
May 30, 2021 -
BMC s Chahal Beacon of light in a crisis
May 23, 2021 -
Indu Jain an icon for all ages
May 19, 2021 -
Leela an Invaluable Name and a Unique Brand
May 18, 2021 -
Performing Surgeries Clinically
October 8, 2020 -
Jyothy Laboratories – A Business Imprinted in White
October 8, 2020 -
Vivek Nair – Unfolding the Hospitality Treasure
October 8, 2020
Top News
-
Marriage Meet by Bombay Keralaya Samaj
March 5, 2024