Investing.com – The dollar continued lower on Monday, adding to last Friday’s losses but hovering about the dollar index’s 96 psychological handle, as investors reevaluated the future pace of interest rate hikes.
At 11:18 AM ET (16:18 GMT), the U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, dropped 0.29% to 96.05, after falling 0.48% on Friday.
The dollar’s decline at the end of last week came as Federal Reserve Vice Chairman Richard Clarida indicated there was evidence of a global slowdown and said interest rates were nearing the objective of a neutral rate that neither boosts nor hinders the economy.
Separately, Dallas Fed chief Robert Kaplan said that there is a growth slowdown in Europe and China.
Although a rate hike is expected at the end of the year meeting, the remarks were taken to suggest that the Fed may pause its tightening sooner than expected.