NEW YORK, Nov. 30 (Xinhua) — The U.S. dollar fell in late trade on Wednesday after Federal Reserve Chairman Jerome Powell indicated smaller rate hikes ahead.
Powell, speaking at the Brookings Institution on Wednesday, signaled that the U.S. central bank could slow the pace of rate hikes as soon as the December meeting, while stressing that borrowing costs will need to continue to rise and remain restrictive for some time to beat inflation.
The dollar index, which measures the greenback against six major peers, fell 0.82 percent to 105.9470.
In late New York trading, the euro rose to US$1.0414 from US$1.0331 in the previous session, and the British pound was up at US$1.2055 from US$1.1950 in the previous session.
The US dollar bought 137.99 Japanese yen, down from 138.65 Japanese yen from the previous session. The US dollar was down to 0.9455 Swiss francs from 0.9537 Swiss francs and it was down to 1.3443 Canadian dollars from 1.3585 Canadian dollars. The US dollar was down to SEK 10.5042 from SEK 10.5868.