Dollar gains as Powell pushes back on jumbo rate-cut bets

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Dollar gains as Powell pushes back on jumbo rate-cut bets - Channel News Asia

Quick Summary:

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

The Aussie was last down 0.12 per cent on the day at $0.68995, not far from Monday's 1-1/2 year peak of $0.6943, after Australian retail sales rebounded more than expected in August.

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