Dollar underpinned by Powell; euro at 5-week low vs greenback

Tokyo

THE dollar held firm on Thursday, drawing support after the Federal Reserve's new chief Jerome Powell struck an optimistic tone on the US economy in a boost to rate hawks that sent global stocks tumbling.

In contrast, benign inflation data in the euro zone dented expectations that the European Central Bank will dial back its stimulus, slamming the euro to five-week lows against the dollar and a six-month nadir against the yen.