TOKYO: The U.S. dollar hunkered near the lowest since February 2022 against major peers on Wednesday, as traders considered dovish hints from Federal Reserve Chair Jerome Powell, along with the potential impact of President Donald Trump’s spending bill.
The greenback was pinned near its weakest since September 2021 on the euro, and was at its lowest since January 2015 versus the Swiss franc.
Powell reiterated on Tuesday at the European Central Bank’s annual conference in Sintra, Portugal that the Fed is taking a patient approach to further interest rate cuts, but didn’t rule out a reduction at this month’s meeting, saying everything depends on incoming data.
That raises the stakes for the monthly non-farm payrolls report on Thursday. Indications of labour market resilience in the U.S. JOLTS figures overnight saw the dollar rise off Tuesday’s lows.
