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The US dollar fell on Thursday after the Fed's larger-than-expected rate cut, which Powell said was to maintain low unemployment.
The dollar wavered 18 Sep 2024 after US retail sales unexpectedly rose in August, and the Atlanta Fed raised its GDPNow estimate to 3% from 2.5%.
On Thursday, the dollar hit a four-week high against the euro as persistent inflation suggested the Fed might avoid a large rate cut next week.
On Wednesday, the yen surged to its highest level this year against the dollar after Harris and Trump debated ahead of the November election.
The dollar held steady early Tuesday, with the euro little changed. A weaker jobs report boosts expectations for a 50 bps Fed cut this month.
The dollar stayed in tight ranges Monday as investors awaited US inflation data for clues on the Fed's expected rate cut later this month.
On Friday, the US dollar fell to a one-week low as mixed job market signals emerged before key payroll data likely to influence Fed policy.
The dollar fell Thursday on US economic worries, with the yen rising on safe-haven demand. Traders see a 44% chance of a 50-bp cut this month.
Safe-haven currencies surged Wednesday as Wall Street and Asian stocks fell sharply, leading to losses in commodity currencies.
The dollar fell over 2% in August, its biggest drop this year, offering some relief to economies strained by earlier dollar strength.
The dollar rose to a two-week high against the euro as traders reduced Fed easing bets, focusing on this week's key US jobs report.
The dollar neared a one-week high on Friday, set to end a five-week slide, as strong economic data reduced bets on aggressive Fed rate cuts.
The dollar steadied on Thursday, recouping some losses. Markets fully expect a 25-bp Fed rate cut next month, with a 34.5% chance of a 50-bp cut.
On Wednesday, the US dollar stayed near its lowest level in over a year, with forex market activity muted as traders awaited updates on the economy.
