Currencies: Dollar stabilizes after post-Powell selloff

The U.S. dollar stabilized Thursday following the turbulence inspired in the previous session by Federal Reserve Chairman Jerome Powell’s dovishly interpreted speech, with major rivals giving back at least part of their gains.

The ICE U.S. Dollar Index DXY, -0.09% up 0.1% at 96.848.

Wednesday’s slide, which was its worst one-day percentage drop since Nov. 1, came on the coattails of dovish words by Powell. In a speech delivered after the Fed released its first-ever financial stability report, the central bank boss said interest rates were “just below” neutral, which many investors took as a signal that the rate-hike cycle may be nearer an end than previously indicated.

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