Economic news

Dollar slips on dovish Fed comments

The dollar slid versus its major rivals on Thursday after U.S. Fed Chairman Jerome Powell hinted at a slower pace of Fed rate hikes in 2019.

 Photo: Reuters

The dollar index slipped 0.2 percent to 96.64 .DXY — its weakest point in nearly a week.

Minutes from the Fed’s November meeting due later in the day are likely to confirm investor forecasts for a rate increase in December but market focus has now shifted to the tightening pace next year.

The greenback lost 0.4 percent at 113.25 yen. The euro hovered at $1.1394, having hit $1.13975 - its top in almost a week.

The British pound gained to $1.2830 but fell 0.2 percent versus the euro to 88.81 pence, reflecting political uncertainty.

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