Breaking News: USD falls sharply as Fed's Powell says policy rate is 'just below' estimates of neutral

In his prepared speech delivered at an Economic Club of New York luncheon, the FOMC's Chairman Jerome Powell said that there was no pre-set policy path and repeated that they were paying very close attention to the data. Powell further added that the policy rate was 'just below' their estimates of neutral. 

The initial reaction to these remarks dragged the US Dollar Index to a fresh daily low near 97.