Dollar dives on Powell’s dovish remarks

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King Dollar was a step closer to losing its crown yesterday after Federal Reserve Chairman Powell reiterated the Fed’s ‘patient’ policy mantra during his Congressional testimony.

Although Powell delivered an encouraging assessment of the economy, he did acknowledge the multiple headwinds both domestically and externally. A string of disappointing economic reports from the United States have triggered concerns over growth prospects, while geopolitical risks and fears of plateauing global growth are compounding the uncertainty. With a ‘patient’ and ‘flexible’ Fed likely to leave interest… Read More:

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