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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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.