The U.S. dollar extended its losses on Friday, as remarks from a highly anticipated speech by Federal Reserve Chairman Jerome Powell at the annual Fed symposium in Jackson Hole, Wyo, were made public. While the central banker said gradual interest rate hikes remain appropriate and there was no risk to the economy overheating, he also said he was prepared to do "whatever it takes" if inflation becomes unanchored. The latter was reminiscent of European Central Bank president Mario Draghi's playbook, who said in 2012 he was prepared to do "whatever it takes" for the eurozone and its shared currency. Powell's commitment to rate hikes -- the next being expected in September -- follows criticism from President Donald Trump who has expressed disappointment with Powell's work at the Fed and rising interest rates. The ICE U.S. Dollar Index DXY, -0.51% a popular measure of the greenback against six rivals, slipped 0.6% to 95.099. It was down approximately 0.4% prior to Powell's speech. The index is now on track for a 1% loss this week, its worst weekly performance since February.
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