Aussie dips below US64¢ as Powell quashes rate cut hopes
Updated
The Australian dollar dipped below US64¢ for the first time this year after comments from Federal Reserve chairman Jerome Powell pushed out US interest rate cut expectations to the end of the year.
The greenback saw its best five-day gain since October 2022, hitting currencies around the world including the Australian dollar as the Fed chief signalled that rates would remain higher for longer amid persistently elevated levels of inflation.
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