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While speaking at an event in Toronto, Dallas Fed President Robert Kaplan argued that the recent economic slowdown was due more to trade uncertainty and global weakness rather than the Federal Reserve’s monetary policy.

“Risks to forecast are to the downside,” Kaplan added. “We are  watching credit conditions, which are currently robust, and the treasury curve. The downward  move in the curve has been stimulative.”

Kaplan’s remarks failed to help the Greenback recover the losses it suffered against its major rivals today. As of writing, the US Dollar Index was down 0.47% on the day at 98.50.