The dollar remained near a three-week low on Wednesday after Federal Reserve Cha...
TOKYO - The dollar remained near a three-week low on Wednesday after Federal Reserve Chairman Jerome Powell reiterated that the central bank would stay patient on monetary policy and as the pound rallied.
The dollar index against a basket of six major currencies stood at 96.056 after shedding 0.4 percent overnight, when it stooped to 95.948, its lowest since Feb. 5. “The dollar’s fall was a little puzzling as Powell’s comments did not offer fresh insight. But the market was in a state where the dollar was sensitive to potential bearish factors, and the strong pound also weighed,” said Masafumi Yamamoto, chief forex strategist at Mizuho Securities.
The pound was up 0.1 percent at $1.1361 after surging more than 1 percent overnight to a five-month peak of $1.3288.The Aussie was hurt at the start of February after the Reserve Bank of Australia opened the door for an interest rate cut. But the currency has rebounded nearly 2 percent from this month’s low of $0.7054 plumbed on Feb. 12.
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