Dollar declines over 1% after data, Powell's statements
Dollar fell against a basket of major rivals, extending the losses after recent US data while markets assess Fed Chair Jerome Powell's policy statements.
Fed Chair Jerome Powell said the pace of rate hikes will be slowed down starting from the December meeting as the bank rebalances its risks.
However he cautioned that monetary policies will remain tight for the time being until inflation is brought back to normality.
Following the remarks, markets now put an 80% chance of a 0.5% rate hike by the Fed in December, and a 20% only for a 0.75% rate hike.
Recent US data showed personal income rose 0.8% in October, matching analysts' expectations, beating estimates of 0.6%.
US unemployment claims fell to 225 thousand in the week ending November 26 past estimates of 234 thousand, and down from 241 thousand in the previous reading.
US ISM manufacturing PMI tumbled to 49 in November from 50.2 in the previous reading, moving past estimates of 49.7.
The dollar index fell 1.1% to 104.7 as of 18:27 GMT, with a session-high at 105.9, and a low at 104.6.
Wall Street opens December lower
US stock indices fell on Thursday after a batch of data and a speech by Fed Chair Jerome Powell.
Fed Chair Jerome Powell said the pace of rate hikes will be slowed down starting from the December meeting as the bank rebalances its risks.
However he cautioned that monetary policies will remain tight for the time being until inflation is brought back to normality.
Following the remarks, markets now put an 80% chance of a 0.5% rate hike by the Fed in December, and a 20% only for a 0.75% rate hike.
Recent US data showed personal income rose 0.8% in October, matching analysts' expectations, beating estimates of 0.6%.
US unemployment claims fell to 225 thousand in the week ending November 26 past estimates of 234 thousand, and down from 241 thousand in the previous reading.
US ISM manufacturing PMI tumbled to 49 in November from 50.2 in the previous reading, moving past estimates of 49.7.
Dow Jones fell 1%, or 335 points to 34,254 as of 15:18 GMT, while S&P 500 slid 0.5%, or 21 points to 4,058, as NASDAQ gave up 0.6%, or 70 points to 11,399.
Copper buoyed as dollar slides over 1%
Copper prices rose on Thursday as the dollar slid against a basket of major rivals following remarks by Fed Chair Jerome Powell.
Recent data showed US GDP grew 2.9% y/y in the third quarter of the year, passing estimates of 2.8%, and up from 2.6% in the preliminary reading.
Fed Chair Jerome Powell said the pace of rate hikes will be slowed down starting from the December meeting as the bank rebalances its risks.
However he cautioned that monetary policies will remain tight for the time being until inflation is brought back to normality.
Following the remarks, markets now put an 80% chance of a 0.5% rate hike by the Fed in December, and a 20% only for a 0.75% rate hike.
The dollar index fell 1.2% to 104.6 as of 15:01 GMT, with a session-high at 105.9, and a low at 104.6.
Copper futures due in March rose 1.4% to $3.78 a pound as of 15:01 GMT.