Analysts pointed to technical factors for the dollar’s pullback, following a two-day rally of as much as 1.4% against Europe’s shared currency after unexpectedly strong U.S. jobs data and more hawkish rhetoric from Federal Reserve Chair Jerome Powell scuppered bets for an early interest rate cut.
Regional currencies were nursing steep losses over the past three sessions, after a string of robust U.S. economic readings and hawkish comments from Federal Reserve officials saw traders largely price out bets on early rate cuts by the central bank.
Bullion prices were battered by bets on higher-for-longer interest rates, especially following a slew of strong U.S. economic readings and hawkish comments from Federal Reserve officials.
These remarks from Powell are critical for the cryptocurrency market because they indicate that the Federal Reserve is still striving to navigate the economy toward a state where inflation is under control without triggering a recession.
The best performers of the session on the S&P/ASX 200 were Appen Ltd (ASX:APX), which rose 10.19% or 0.03 points to trade at 0.30 at the close. Meanwhile, Omni Bridgeway Ltd (ASX:OBL) added 7.35% or 0.10 points to end at 1.46 and Zip Co Ltd (ASX:ZIP) was up 6.37% or 0.05 points to 0.83 in late trade.
