The U.S. dollar pared early gains, and after a brief spell around the flat line, rallied again Thursday afternoon but retreated again in the final minutes of the session, looking for direction.
The dollar's early strength was due largely to the Federal Reserve Chairman Jerome Powell comments that the central bank will use its full toolkit to support the economy, but rejected any possibility of negative interest rates. He also said the economy is likely to see a prolonged downturn and urged the U.S. Congress to come out with measures to help limit the damage inflicted by COVID-19.
For comments and feedback contact: editorial@rttnews.com
Forex News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.