From Investing.com:

Federal Reserve (Fed) Chair Jerome Powell indicated certainty in cutting interest rates this year during his testimony before Congress. The remained above pre-December levels and the dipped below 4.10%. Former Treasury Secretary Steven Mnuchin’s $1 billion cash injection into New York Community Bancorp eased investors’ nerves. The ADP print was slightly lower than expected, with job openings decreasing. The Bank of Canada left rates unchanged, while the European Central Bank is expected to announce its latest policy verdict today. The fell below the 50-DMA post Powell’s speech, leading to a rise in gold prices as the euro hits a new record. The broadly softer could prompt other central banks to consider rate cuts as well.

In Japan, the fell below 149 due to accelerated wage growth, sparking speculation of possible rate hikes by the Bank of Japan. The UK’s Budget Day brought tax cuts and eased voters, with Cable potentially benefiting from a weaker dollar. The ECB is anticipated to revise its inflation forecast down and hint at a rate cut, potentially altering the euro appetite. Neel Kashkari from the Fed suggested rate cuts this year, while the ECB could cut rates more if inflation remains manageable. Overall, the fate of the euro against the dollar hinges on central bank decisions.



Read more at Investing.com: Markets React as Fed Chair Powell Signals Rate Cuts Amidst Economic Uncertainty