Dollar turns lower after Powell says it's time to cut rates

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Dollar turns lower after Powell says it's time to cut rates - Channel News Asia

Quick Summary:

NEW YORK :The dollar turned lower and sterling rose to its highest in more than two years on Friday after Federal Reserve Chair Jerome Powell gave an unambiguous signal that the long anticipated U.S.interest rate cut would come next month.

FILE PHOTO: Holograms are seen on the new Japanese 10,000 yen banknote as the new note is displayed at a currency museum of the Bank of Japan, on the day the new notes of 10,000 yen, 5,000 yen and 1,000 yen went into circulation, in Tokyo, Japan July 3, 2024.

Earlier in the session, BOJ Governor Kazuo Ueda reaffirmed his resolve to raise rates if inflation stayed on course to sustainably hit the 2 per cent target.