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currencies including the yen and the euro, was last down 0.96% on the day at 97.66, after trading around 98.7 before Powell's comments.The euro gained 1.06% to $1.1728 and reached $1.1742, the highest since July 28. Against the Japanese yen, the dollar weakened 1.08% to 146.77."While the labor market appears to be in balance, it is a curious kind of balance that results from a marked slowing in both the supply of and demand for workers. This unusual situation suggests that downside risks to employment are rising," Powell said."And if those risks materialize, they can do so quickly,” he told an audience of international economists and policymakers at the Fed’s annual conference in Jackson Hole, Wyoming.Karl Schamotta, chief market strategist at Corpay in Toronto, said Powell's message was far more dovish than markets had anticipated."The dollar is plunging, odds on a September rate cut are rising and market participants are clearly bracing for more easing to come,” he said.Traders are now pricing in 85% odds of an interest rate cut at the Fed's September 16-17 policy meeting, up from 72% earlier on Friday, according to the CME Group's FedWatch Tool. They are also pricing in 54 basis points of cuts by year-end, up from 48 basis points."The burden of proof is now clearly on the data to prevent a September cut," Bank of America economists said in a report on Friday.Traders had been raising their expectations for a cut in September after an unexpectedly weak jobs report for July. Consumer price data showing limited inflation increases from tariffs so far added to the view.But hotter-than-expected producer price inflation and some other economic releases, including a strong business activity survey for August, had led them to temper their view.Now, labor market data is expected to be the main driver of Fed policy going forward."What he's really saying there is that they are bracing for a pivot in labor market conditions and that the second half of the Fed's mandate has suddenly become much, much more important in terms of defining policy settings,” said Schamotta.The dollar was headed on Friday for its largest daily loss against the euro and yen since August 1, when the July jobs report was released.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,466.91 +96.74 (+1.52%)Dow 3045,631.74 +846.24 (+1.89%)Nasdaq21,496.54 +396.22 (+1.88%)Russell 20002,361.95 +87.85 (+3.86%)VIX14.22 -2.38 (-14.34%)Gold3,418.50 +36.90 (+1.09%)PortfolioSign in to access your portfolioSign inTop gainersOPEN Opendoor Technologies Inc. 5.01 +1.41 (+39.17%)UI Ubiquiti Inc. 510.23 +119.66 (+30.64%)MNSO MINISO Group Holding Limited 26.63 +4.46 (+20.12%)RXO RXO, Inc. 16.97 +2.27 (+15.44%)NIO NIO Inc. 6.34 +0.80 (+14.44%)Top losersNEGG Newegg Commerce, Inc. 100.75 -15.03 (-12.98%)BJ BJ's Wholesale Club Holdings, Inc. 97.11 -9.05 (-8.52%)INTU Intuit Inc. 662.66 -35.10 (-5.03%)DUOL Duolingo, Inc. 331.87 -13.65 (-3.95%)CSX CSX Corporation 34.58 -1.29 (-3.60%)Most activeOPEN Opendoor Technologies Inc. 5.01 +1.41 (+39.17%)NIO NIO Inc. 6.34 +0.80 (+14.44%)INTC Intel Corporation 24.80 +1.30 (+5.53%)NVDA NVIDIA Corporation 177.99 +3.01 (+1.72%)LCID Lucid Group, Inc. 2.0300 -0.0600 (-2.87%)Earnings eventsTrending tickersINTC Intel Corporation 24.80 +1.30 (+5.53%)ETH-USD Ethereum USD 4,724.20 +395.23 (+9.13%)OPEN Opendoor Technologies Inc. 5.01 +1.41 (+39.17%)SOL-USD Solana USD 205.44 +21.60 (+11.75%)^DJI Dow Jones Industrial Average 45,631.74 +846.24 (+1.89%)Top economic events