Dollar firm after Powell pushes back on aggressive easing bets

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Dollar firm after Powell pushes back on aggressive easing bets - Channel News Asia

Quick Summary:

LONDON/TOKYO : The U.S.dollar rallied broadly on Tuesday after Federal Reserve Chair Jerome Powell pushed back against bets on more supersized interest rate cuts.

The yen steadied close to the middle of its range against the dollar over the past month, after a volatile two days as traders sized up Japan's incoming prime minister and his cabinet.

European Central Bank President Christine Lagarde told parliament "the latest developments strengthen our confidence that inflation will return to target in a timely manner," and this should be reflected in the Oct.17 policy decision.