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U.S. dollar slips after Fed chair remarks

NEW YORK, Feb. 7 (Xinhua) — The U.S. dollar declined in late buying and selling on Tuesday as market individuals digested Federal Reserve Chair Jerome Powell’s newest feedback.

The dollar index, which measures the buck in opposition to six main friends, decreased 0.19 % to 103.4120.

In late New York buying and selling, the euro was right down to 1.0721 U.S. {dollars} from 1.0726 {dollars} within the earlier session, and the British pound elevated to 1.2037 U.S. {dollars} from 1.2028 {dollars} within the earlier session.

The U.S. dollar purchased 131.09 Japanese yen, decrease than 132.51 Japanese yen of the earlier session. The U.S. dollar dipped to 0.9227 Swiss francs from 0.9281 Swiss francs, and it fell to 1.3410 Canadian {dollars} from 1.3444 Canadian {dollars}. The U.S. dollar weakened to 10.5844 Swedish Kronor from 10.6224 Swedish Kronor.

During an occasion on the Economic Club of Washington, D.C. on Tuesday, Powell stated that the “disinflationary process” within the U.S. economic system has begun, however he expects it “is going to take quite a bit of time, and is not going to be smooth.”

“We will likely need to do additional rate increases,” because the Fed works to carry inflation again to its goal, he stated.