The dollar eased from a 12-week peak on Monday as traders weighed the U.S. monetary path after Fed Chair Jerome Powell left open the possibility of further interest rate increases, while the yen hovered close to its lowest in over nine months.
In an eagerly awaited speech at the annual Jackson Hole Economic Policy Symposium, Powell promised to move with care at upcoming meetings as he noted both progress made on easing price pressures as well as risks from the surprising strength of the U.S. economy.
“We will proceed carefully as we decide whether to tighten further or, instead, to hold the policy rate constant and await further data,” Powell said on Friday.
Read the full story on Reuters here.