US dollar dips as Fed's Powell's dovish comments offset upbeat j

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The dollar slipped on Tuesday in choppy trading after Federal Chair Jerome Powell struck a slightly dovish tone in his comments, suggesting that the U.S. central bank is more than likely to start its easing cycle later this year.

Powell, in a monetary policy conference in Portugal, said the U.S. economy has made significant progress on inflation as it gets back on the disinflationary path. His remarks were viewed as dovish, analysts said.

"Fed chair Jerome Powell let his dovish plumage show. In our view, he put a September rate cut firmly on the table by acknowledging 'significant progress' in bringing inflation down, and pointing to the 'two-sided risks' facing policymakers as labour markets begin to cool," said Karl Schamotta, chief market strategist at Corpay in Toronto.