US Dollar Index turns negative on dovish Powell

US Dollar Index turns negative on dovish Powell

The president also told the Washington Post he was "not even a little bit happy with my selection of Jay" - adding that the Fed was a bigger threat to the United States economy than his trade war with China.

"Particularly with the muted inflation readings that we've seen coming in, we will be patient as we watch to see how the economy evolves", Powell told the American Economic Association.

The index gave away part of the post-Payrolls gains to the 96.60 region as market participants continue to gauge the speech by Fed's Jerome Powell.

The Dow Jones industrial average finished the day up 746 points or 3.3 per cent.

The president's attacks had become so intense that they had raised concerns that he might be considering firing Powell, a development which could send the market into a tailspin.

"If the President asked you to resign, would you do it?"

Powell's remarks reassured investors who have anxious the Fed might raise rates excessively, but Jason Schenker of Prestige Economics suggested the Fed could.

Andy Murray out of Brisbane International
In the women's competition, unseeded Anett Kontaveit upset double Wimbledon champion Petra Kvitova 7-5, 7-6 (1). His compatriot Johanna Konta is also out after she was upset by Australian home favourite Alja Tomljanovic .

"We are always prepared to shift the stance of policy and to shift it significantly" if needed, said Powell, who spoke on a panel in Atlanta alongside former Fed chiefs Janet Yellen and Ben Bernanke.

"I would say that meetings between presidents and Fed chairs do happen", was Powell's answer when asked if he would meet with Trump.

The head of the Fed, once confirmed by the Senate, can only be removed "for cause", not a policy disagreement.

Investors have grown nervous in recent months, anxious in part about moves by the Federal Reserve to increase interest rates, despite signs of a global growth slowdown. Markets, however, have mostly tumbled since October on fears of a global economic slowdown and the ongoing U.S.

The Fed's tightening cycle includes both rate hikes and the gradual shedding of its more than $4 trillion in assets.

Powell said the Fed will act on the current normalization of the balance sheet if conflicts with the Fed's goals arise.

"I think the Fed is a much bigger problem than China", he told the paper, adding that his "gut" was a more reliable guide to manage the economy than other people's "brains". Asked if he had had any face-to-face meetings with Trump, Powell said he had not although he said previous Fed leaders have had discussions from time to time with previous presidents.

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