From Investing.com: 2024-05-07 04:29:00

The US labor market cooled more than expected in April, leading the dollar to slide as the chances of two rate cuts this year by the Fed increase. This news prompted investors to increase their rate cut bets, with a nearly 85% chance of a quarter-point cut in September. Meanwhile, the yen retreated after intervention momentum fades. On Wall Street, stocks gained as traders hope for earlier rate relief and a better-than-expected earnings season, with tech giants reporting continued growth. The RBA’s neutral stance disappointed investors, causing the Aussie to slip.



Read more at Investing.com: Dollar Stays Weak as Fed Rate Cut Bets Increase