💨 Abstract

The US dollar strengthened against major currencies on Tuesday, as Federal Reserve Chair Jerome Powell hinted at smaller interest rate cuts. The yen stabilized after a volatile period due to Japan's new prime minister, while the Australian dollar edged up due to strong domestic retail sales data. Powell said the Fed is not in a rush to cut rates quickly. Traders expect another rate cut in November, but reduced expectations for a 50 basis-point reduction.

Courtesy: theprint.in