Dollar declines over 1% after data, Powell's statements
2022-12-01 18:49PM UTC

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. 

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