US dollar slips after Powell highlights signs of demand destruction

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Cable has erased earlier losses and turned higher.

It’s part of a moderate round of US dollar selling that followed comments from Fed chair Powell. There may bave been some apprehension in the markets about his comments or fears that he would signal a more-hawkish approach.

Instead he cited a rapidly-evolving economic outlook and signs of demand destruction.

The bond market is also weighing on the US dollar as US 2-year yielsd fall 13 basis points to 3.07%. Last week they touched as high as 3.47%.

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