U.S. Dollar Turns Weak Against Major Counterparts

The U.S. dollar turned weak against its major counterparts on Tuesday, after a few Fed policymakers commented that it would be appropriate to slow down the pace of interest rate increases.

Cleveland Fed President Loretta Mester said on Monday that although the central bank will be raising the funds rate, it would be appropriate to slow down the pace of increases.

Atlanta Federal Reserve President Raphael Bostic said he favors slowing the pace of interest rate increases, with no more than 1 percentage point more of hikes.

Meanwhile, investors look ahead to the minutes from the Fed's latest policy meeting. The minutes will be out Wednesday afternoon.

The dollar index dropped to 107.12 this afternoon. At 107.19, the index is down nearly 0.6% from the previous close.

Against the Euro, the dollar has weakened to 1.0302 from 1.0243.

The dollar is trading at 1.1886 against Pound Sterling, weakening from 1.1824.

Against the Japanese currency, the dollar is weak, fetching 141.19 yen a unit, as against 142.14 yen on Monday.

The dollar has dropped to 0.6649 against the Aussie, giving up more than 0.6%. Against Swiss franc, the dollar has shed ground and is fetching CHF 0.9518 a unit, compared with CHF 0.9591 Monday evening.

The Loonie has firmed to 1.3373 a dollar, gaining from 1.3543 as oil prices rallied after Saudi Arabia said the OPEC+ would stick to its output reduction proposal.

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