(MENAFN- Kuwait News Agency (KUNA))
TOKYO, Dec 1 (KUNA) -- The US dollar hit a three-month low against the Japanese yen into the lower-JPY 136 range on Thursday in Tokyo after Federal Reserve Chairman Jerome Powell suggested that the US central bank would slow its pace of interest rate hikes. The dollar slid to JPY 136.38-136.39 around 3:30 p.m. (06:30 GMT), its lowest level since late August. The greenback traded at JPY 138.06-16 in New York and JPY 138.52-54 in Tokyo at 5 p.m. Wednesday.
In a speech Wednesday in Washington, Powell said 'it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down,' according to media reports.
'The time for moderating the pace of rate increases may come as soon as the December meeting,' the Fed chief said. (end) mk.lb
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.