U.S. dollar skids after Powell's speech

NEW YORK, Nov. 30 (Xinhua) -- The U.S. dollar fell in late trading on Wednesday after Federal Reserve Chairman Jerome Powell indicated smaller rate hikes ahead.

Speaking at the Brookings Institution on Wednesday, Powell signaled the U.S. central bank may slow the pace of interest-rate increases as soon as the December meeting, while stressing that borrowing costs will need to keep rising and remain restrictive for some time to beat inflation.

The dollar index, which measures the greenback against six major peers, decreased 0.82 percent to 105.9470.

In late New York trading, the euro rose to 1.0414 U.S. dollars from 1.0331 dollars in the previous session, and the British pound was up to 1.2055 U.S. dollars from 1.1950 dollars in the previous session.

The U.S. dollar bought 137.99 Japanese yen, lower than 138.65 Japanese yen of the previous session. The U.S. dollar was down to 0.9455 Swiss francs from 0.9537 Swiss francs, and it was down to 1.3443 Canadian dollars from 1.3585 Canadian dollars. The U.S. dollar was down to 10.5042 Swedish Kronor from 10.5868 Swedish Kronor.

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