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Yen surges on rate hike bets, Aussie jumps to one-month high
The Dollar Index (DXY), a popular gauge of the US currency’s value against a basket of 6 major currencies, slumped to an 8-week low at 102.45 from 103.02 yesterday. On the second day of his testimony to the US Congress, Federal Reserve President Jerome Powell that they would begin to cut borrowing costs at some point in the year. Data released yesterday saw US Initial Jobless Claims climb to 217K, up slightly from median forecasts at 215K. Layoffs in February rose to their highest since 2009. The Japanese Yen outperformed, soaring against the Greenback spurred by growing speculation that the Bank of Japan could ... (full story)