The dollar struggled near seven-week lows on Wednesday after U.S. central bank o...
TOKYO - The dollar struggled near seven-week lows on Wednesday after U.S. central bank officials hinted at the possibility of an interest rate cut in the face of rising risks to trade and global growth.
The dollar index against a basket of six peers was last flat at 97.077, within reach of a recent low of 96.995 brushed overnight - its lowest since April 18. It has now fallen 1.3% from a more than two-year high of 98.371 touched on May 23. Rate cuts by some central banks in recent weeks could potentially signal the start of a global monetary easing cycle to stave off a sharper economic downturn.
Australia’s central bank on Tuesday slashed benchmark cash rates to a record low of 1.25% and signalled willingness to go further if the worsening outlook persists. On Wednesday, the Australian dollar rose 0.15% to $0.7000 despite data showing growth in the Australian economy picked up only modestly in the first quarter while the annual pace was at its slowest in a decade.
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