World shares gained on Friday, just shy of all-time highs, while the dollar languished around one-year lows after a speech by the world’s most powerful central banker confirmed the U.S. would soon begin interest rate cuts.
The dollar saw a small rebound earlier in the week, but has still registered losses of around 1% this week, heading for its fifth consecutive losing week.
Both benchmarks hit their lowest since early January this week, after the U.S. government sharply lowered its estimate of jobs added by employers this year through March, raising fears of a possible recession.
Crypto analysts have predicted a massive breakout for Bitcoin (BTC) in the near future. It appears that the dark clouds of bearish trends have faded away, and a bright future is in the cards for the biggest cryptocurrency in terms of market capitalization. Bitcoin’s current price movements are also hinting at this potential bull run.
The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks,” Powell said on Friday during the Kansas City Fed’s annual conference at Jackson Hole, Wym.
