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.
Her world tour, along with others by acts including Beyonce and Coldplay, has been cited by some experts as a factor in temporarily spurring inflation in several countries including the United States. Others have said the impact of the concerts on inflation are overstated.
A string of robust U.S. economic data and remarks from Federal Reserve Chair Jerome Powell have quashed speculation of early and steep interest rate cuts and supported the greenback.
Gold prices steadied on Tuesday after tumbling sharply over the past week as a rally in the dollar paused for breath, with markets now watching for the yellow metal to potentially test a key support level.
This potential slip below the 26 EMA is crucial because it suggests a weakening in buying pressure and a shift in market sentiment from accumulation to potential distribution. A break below this level would not only establish $2,347 as the next price floor but could also exacerbate the asset’s losses, leading to further bearish momentum.
JinkoSolar, known for its extensive portfolio of granted N-type TOPCon patents, emphasizes its commitment to maintaining technical leadership through its intellectual property rights. This move follows a similar agreement with another leading solar module company on January 5, 2024.
