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NEW YORK, Aug 20 - The dollar fell to its lowest level since January on Tuesday as investors awaited revisions to U.S. payrolls data on Wednesday and Federal Reserve Chair Jerome Powell's speech to the Jackson Hole economic conference in Wyoming later in the week.
The prospect of a weaker labor market is why traders continue to price in the potential for a 50-basis-point cut in September, Chandler said."People thought the Fed was behind the curve in raising rates, and now many people think the Fed is behind the curve in cutting rates." Traders in early August aggressively priced for imminent rate cuts after weaker-than-anticipated job growth and an unexpected increase in the July unemployment rate raised concerns about a possible recession.
With the August employment report and key inflation data due to be released before the Fed's next meeting, Powell may be reluctant on Friday to offer much clarity on the outlook for rates. The dollar index was last down 0.42% at 101.44, its lowest level since Jan. 2. The euro rose 0.31% to $1.1119, its strongest since Dec. 28.The dollar weakened 0.82% to 145.36 Japanese yen a day after hitting 145.20, the lowest level since Aug. 7.
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