NEW YORK, Feb. 7 (Xinhua) — The U.S. dollar declined in late trading on Tuesday as market participants digested Federal Reserve Chair Jerome Powell’s latest comments.
The dollar index, which measures the greenback against six major peers, decreased 0.19 percent to 103.4120.
In late New York trading, the euro was down to 1.0721 U.S. dollars from 1.0726 dollars in the previous session, and the British pound increased to 1.2037 U.S. dollars from 1.2028 dollars in the previous session.
The U.S. dollar bought 131.09 Japanese yen, lower than 132.51 Japanese yen of the previous session. The U.S. dollar dipped to 0.9227 Swiss francs from 0.9281 Swiss francs, and it fell to 1.3410 Canadian dollars from 1.3444 Canadian dollars. The U.S. dollar weakened to 10.5844 Swedish Kronor from 10.6224 Swedish Kronor.
During an event at the Economic Club of Washington, D.C. on Tuesday, Powell said that the “disinflationary process” in the U.S. economy has begun, but he expects it “is going to take quite a bit of time, and is not going to be smooth.”
“We will likely need to do additional rate increases,” as the Fed works to bring inflation back to its target, he said.