Dollar Slips to Lowest in a Month as Powell Embraces Status Quo
- Powell reiterated that rate cuts are likely this year
- Australian dollar, Swedish krona outperformed G-10 peers
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The dollar is sliding against nearly all other major currencies as Federal Reserve Chair Jerome Powell reiterated his plans for monetary policy — and as higher oil prices boosted commodity producers.
A Bloomberg gauge of the dollar fell as much as 0.5% on Wednesday, the most in more than a month, after Powell repeated to US lawmakers that interest-rate cuts are likely this year, as long as inflation data continue to show improvement. Economic data in the US also failed to spur demand for the greenback, leaving the currency to drift lower for a fourth-straight trading session.