The U.S. dollar drifted lower against its key opponents in the European session on Wednesday, after Federal Reserve Chair Jerome Powell cautioned that worries about the strength of the global economy and continued trade tensions posed challenges to U.S. economic outlook, supporting hopes for a rate cut by the Federal Reserve as early as this month.
In his prepared remarks to the House Financial Services Committee, Powell struck a downbeat tone on economy, saying that crosscurrents re-emerged, creating greater uncertainty to U.S. economy.
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