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LONDON/SINGAPORE, Aug 28 - The dollar slid from a 12-week peak on Monday after Federal Reserve Chair Jerome Powell left open the possibility of further rate hikes, while the China-sensitive euro edged up in the wake of Beijing halving its stamp duty on stock trading.
Markets anticipate an 80% chance of the Fed standing pat next month, the CME FedWatch tool showed, but the probability of a 25 basis point hike in November is now at 51% versus 33% a week earlier. A series of strong U.S. economic data releases has helped ease worries of a recession but with inflation still above the Fed's target, some investors are worried that the U.S. central bank will keep interest rates at elevated levels for longer.
EURO SUMMER Elsewhere, the euro, which has fallen 1.7% so far in August, rose 0.14% to $1.0809 after China halved the stamp duty on stock trading in the latest attempt to boost the struggling market in the world's second-biggest economy. China's yuan steadied against the dollar, buoyed by the Chinese central bank persistently setting stronger-than-expected daily-mid-points. The spot yuan was about flat at 7.2932 per dollar.
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