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.
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