The dollar is slightly weaker against a basket of currencies this morning, although worries about the global economy mean that it is still benefitting from its status as a safe haven currency.
Fed Chair Jerome Powell had said earlier in the week that the central bank would raise interest rates as high as needed to tackle high inflation. Weak US housing data released yesterday, showing that housing starts and building permits declined in April, added to slowdown concerns.
Yesterday, US stocks had their worst day since 2020 due to recession worries.
