Dollar drops as Powell points to possible – Money News
NEW YORK (Reuters) -The greenback fell on Friday after Federal Reserve Chair Jerome Powell pointed to a possible fee cut on the central bank’s September assembly however stopped short of committing to reducing rates of interest.
“While the labor market appears to be in balance, it is a curious kind of balance that results from a marked slowing in both the supply of and demand for workers. This unusual situation suggests that downside risks to employment are rising. And if those risks materialize, they can do so quickly,” Powell told an audience of international economists and policymakers at the Fed’s annual conference in Jackson Hole, Wyoming.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was last down 0.43% on the day at 98.18, after trading around 98.7 before Powell’s comments.
The euro gained 0.51% to $1.1664. Against the Japanese yen, the dollar weakened 0.51% to 147.61.
(Reporting by Karen Brettell; Editing by Chizu Nomiyama )
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