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Dollar on Defensive After Fed Signals Readiness to Cut Rates


Thursday, 20 June 2019 08:12 WIB

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The dollar was on the defensive on Thursday after the Federal Reserve signaled it was ready to lower interest rates to combat growing global and domestic risks.

The Fed on Wednesday left interest rates unchanged as widely expected but said the case for lower rates was building, suggesting it could ease monetary policy as early as next month as it took stock of rising trade tensions and growing concerns about weak inflation.

The dollar index against a basket of six major currencies was little changed at 97.188 after losing more than 0.5% overnight.

The greenback lost more than 0.3% to brush 107.720 yen, its lowest since Jan. 4, coming under further pressure after Bloomberg reported that U.S. President Donald Trump believes that he has the authority to replace Fed Chair Jerome Powell and demote him to be a board governor.

The euro stretched overnight gains and advanced 0.2% to $1.1248.

The common currency has managed to bounce off a two-week low of $1.1181 set earlier in the week after European Central Bank President Mario Draghi’s dovish comments sent German bund yields to record lows.

The pound was steady at $1.2652 after gaining roughly 0.7% overnight.

Source : Reuters


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