July 10, 2019 / 12:57 PM / 8 days ago

FOREX- Dollar slides after cautious Powell comments on U.S. economy

    * Graphic: World FX rates in 2019 tmsnrt.rs/2egbfVh
    * Fed's Powell says trade, global concerns weigh on U.S.
economy
    * Dollar hits session low vs yen, euro after Powell remarks

 (Recasts, adds comments, FX table, Powell's remarks, changes
byline, dateline)
    By Gertrude Chavez-Dreyfuss
    NEW YORK, July 10 (Reuters) - The dollar fell on Wednesday
after Federal Reserve Chairman Jerome Powell struck a downbeat
tone in his testimony, saying trade uncertainties and concerns
about the global outlook continued to exert pressure on the U.S.
economy.
    The greenback hit session lows versus the euro and yen after
Powell's comments, which reinforced expectations the Fed will
cut interest rates for the first time in a decade at its next
monetary policy meeting later this month.
    In prepared remarks to a congressional committee, Powell
said the Fed stands ready to "act as appropriate" to sustain a
decade-long expansion. 
    He also contrasted the Fed's "baseline outlook" of continued
U.S. growth against a considerable set of risks - including
persistently weak inflation, slower growth in other major
economies, and a downturn in business investment driven by
uncertainty over just how long the Trump administration's trade
war with China and other countries will last and how intense it
will become.
    In early morning trading, the dollar fell 0.2% versus the
yen to 108.66, while the euro rose 0.3% against the dollar to
$1.1244.
    
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    Currency bid prices at 8:47AM (1247 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct     High Bid    Low Bid
                                              Previous                   Change                 
                                              Session                                           
 Euro/Dollar      EUR=        $1.1243        $1.1206     +0.33%         -1.97%      +1.1246     +1.1202
 Dollar/Yen       JPY=        108.6000       108.8400    -0.22%         -1.51%      +108.9800   +108.6100
 Euro/Yen         EURJPY=     122.12         122.01      +0.09%         -3.25%      +122.3200   +121.9800
 Dollar/Swiss     CHF=        0.9896         0.9934      -0.38%         +0.84%      +0.9941     +0.9897
 Sterling/Dollar  GBP=        1.2509         1.2465      +0.35%         -1.94%      +1.2512     +1.2445
 Dollar/Canadian  CAD=        1.3090         1.3125      -0.27%         -4.01%      +1.3137     +1.3088
 Australian/Doll  AUD=        0.6954         0.6927      +0.39%         -1.35%      +0.6956     +0.6911
 ar                                                                                             
 Euro/Swiss       EURCHF=     1.1130         1.1135      -0.04%         -1.10%      +1.1139     +1.1121
 Euro/Sterling    EURGBP=     0.8986         0.8991      -0.06%         +0.02%      +0.9009     +0.8985
 NZ               NZD=        0.6643         0.6603      +0.61%         -1.10%      +0.6646     +0.6569
 Dollar/Dollar                                                                                  
 Dollar/Norway    NOK=        8.5983         8.6505      -0.60%         -0.47%      +8.6637     +8.5981
 Euro/Norway      EURNOK=     9.6677         9.6960      -0.29%         -2.41%      +9.7129     +9.6686
 Dollar/Sweden    SEK=        9.4250         9.4712      -0.20%         +5.15%      +9.4799     +9.4242
 Euro/Sweden      EURSEK=     10.5980        10.6190     -0.20%         +3.25%      +10.6320    +10.5979
 
 (Reporting by Gertrude Chavez-Dreyfuss
Editing by Nick Zieminski)
  
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