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FOREX- Dollar slides after cautious Powell comments on U.S. economy
Published at 10/07/2019 at 13:53

* Graphic: World FX rates in 2019

* Fed's Powell says trade, global concerns weigh on U.S. economy

* Dollar hits session low vs yen, euro after Powell remarks

(Recasts, adds comments, FX table, Powell's remarks, changes byline, dateline)

By Gertrude Chavez-Dreyfuss

NEW YORK, July 10 (Reuters) - The dollar fell on Wednesday after Federal Reserve Chairman Jerome Powell struck a downbeat tone in his testimony, saying trade uncertainties and concerns about the global outlook continued to exert pressure on the U.S. economy.

The greenback hit session lows versus the euro and yen after Powell's comments, which reinforced expectations the Fed will cut interest rates for the first time in a decade at its next monetary policy meeting later this month.

In prepared remarks to a congressional committee, Powell said the Fed stands ready to "act as appropriate" to sustain a decade-long expansion.

He also contrasted the Fed's "baseline outlook" of continued U.S. growth against a considerable set of risks - including persistently weak inflation, slower growth in other major economies, and a downturn in business investment driven by uncertainty over just how long the Trump administration's trade war with China and other countries will last and how intense it will become.

In early morning trading, the dollar fell 0.2% versus the yen to 108.66, while the euro rose 0.3% against the dollar to $1.1244 .

========================================================

Currency bid prices at 8:47AM (1247 GMT)

Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid

Previous Change

Session

Euro/Dollar EUR= $1.1243 $1.1206 +0.33% -1.97% +1.1246 +1.1202

Dollar/Yen JPY= 108.6000 108.8400 -0.22% -1.51% +108.9800 +108.6100

Euro/Yen EURJPY= 122.12 122.01 +0.09% -3.25% +122.3200 +121.9800

Dollar/Swiss CHF= 0.9896 0.9934 -0.38% +0.84% +0.9941 +0.9897

Sterling/Dollar GBP= 1.2509 1.2465 +0.35% -1.94% +1.2512 +1.2445

Dollar/Canadian CAD= 1.3090 1.3125 -0.27% -4.01% +1.3137 +1.3088

Australian/Doll AUD= 0.6954 0.6927 +0.39% -1.35% +0.6956 +0.6911

ar

Euro/Swiss EURCHF= 1.1130 1.1135 -0.04% -1.10% +1.1139 +1.1121

Euro/Sterling EURGBP= 0.8986 0.8991 -0.06% +0.02% +0.9009 +0.8985

NZ NZD= 0.6643 0.6603 +0.61% -1.10% +0.6646 +0.6569

Dollar/Dollar

Dollar/Norway NOK= 8.5983 8.6505 -0.60% -0.47% +8.6637 +8.5981

Euro/Norway EURNOK= 9.6677 9.6960 -0.29% -2.41% +9.7129 +9.6686

Dollar/Sweden SEK= 9.4250 9.4712 -0.20% +5.15% +9.4799 +9.4242

Euro/Sweden EURSEK= 10.5980 10.6190 -0.20% +3.25% +10.6320 +10.5979

(Reporting by Gertrude Chavez-Dreyfuss Editing by Nick Zieminski)

((gertrude.chavez@thomsonreuters.com; 646-223-6322; Reuters Messaging: rm://gertrude.chavez.reuters.com@reuters.net))