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Dollar dented as U.S. Fed’s Powell pledges patience over economy

HomeUncategorizedDollar dented as U.S. Fed’s Powell pledges patience over economy
04
Jan
Dollar dented as U.S. Fed’s Powell pledges patience over economy

NEW YORK (Reuters) – The U.S. dollar slipped against the euro on Friday, giving up all the gains logged after a robust U.S. jobs report, following comments from Federal Reserve Chairman Jerome Powell that the U.S. central bank will be sensitive to the downside risks the market is pricing in.

“We will be patient as we watch to see how the economy evolves,” Powell told the American Economic Association on Friday.

Powell said the Fed is not on a preset path of rate hikes and suggested that it could pause on its policy tightening as it did in 2016.

“Powell’s comments that the Fed is prepared to alter policy expectations quickly and flexibly are weighing on the U.S. dollar and giving risk sentiment a boost,” said Eric Viloria, FX strategist at Credit Agricole in New York.

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