Dollar near 3-week low as Fed's Powell less hawkish than feared - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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The US 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.

“The markets sort of focused on his comments around the fact that we are getting very close to neutral,” Catril said.”There’s potential now to slow down the pace of hikes, and the market likes that.” It remained about 23 basis points above the 10-year yield though, widely seen as signalling a looming downturn.

 

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