©Reuters. US 100 dollar bills in Seoul, with a photo from the Reuters archive.
NEW YORK (Reuters) – It fell on Wednesday after Federal Reserve Chairman Jerome Powell said the bank could slow the pace of interest rate hikes as early as December.
However, Powell warned that the battle to fight inflation is far from over and that fundamental questions remain unanswered, including how far interest rates will, if any, be raised and for how long.
The dollar index, which measures the foreign currency’s performance against six major currencies, fell 0.40% to 106.41. It rose 0.32% to $1.0364. The dollar fell 0.17% against the yen at 138.43 yen.
The US currency fell on Wednesday after a national jobs report showed US private sector jobs rose much less than expected in November, indicating a decline in job demand due to higher interest rates. Other data also showed that new job opportunities in the US fell in October.
(Prepared by Amira Zahran for the Arab Bulletin – Edited by Ali Khafaji)
