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Dollar hits two-year high vs euro as Powell rules out prolonged easing cycle


Thursday, 1 August 2019 08:07 WIB

EuroDolar AS


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The dollar rose to a two-year peak against the euro and hit a two-month high versus the yen on Thursday as U.S. Federal Reserve Chairman Jerome Powell ruled out a lengthy easing cycle after delivering the first rate cut since the financial crisis.

In a widely expected move, the U.S. central bank cut rates by 25 basis points to shore up the economy against risks including trade friction.

The dollar index against a basket of six major currencies was last quoted at 98.516, close to a two-year high of 98.683 reached on Wednesday.

The euro fell 0.2% to $1.1052 early in Asian trade to reach the lowest since May 16, 2017.

Sterling was down 0.3% at $1.2142, near a two-year low of $1.2120. Sterling tumbled 4.2% last month, its worst monthly performance since October 2016, due to growing speculation Britain will go through with a no-deal Brexit.

Source: Reuters


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