May 13, 2020 / 1:57 PM / 17 days ago

Dollar ticks up after Fed's Powell strikes somber note on economy

FILE PHOTO: U.S. dollar notes are seen in this November 7, 2016 picture illustration. Picture taken November 7. REUTERS/Dado Ruvic/Illustration

NEW YORK (Reuters) - The U.S. dollar index =USD rose modestly on Wednesday morning after Federal Reserve Chair Jerome Powell delivered remarks in which he said an “extended period” of weak growth may be in store for the United States, while also rejecting the idea of using negative interest rates as a stimulative tool.

Though the index was still lower on the day, it was last down 0.10% to 99.9. Prior to Powell’s speech it was down about 0.43% on the day. On Wednesday morning, the dollar was attracting safe-haven interest, as investors shed riskier assets in their portfolio, including U.S. stocks.

Reporting by Kate Duguid; Editing by Chizu Nomiyama

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