MARKET NEWS
US dollar recovers, Aussie hits five-year low after China tariff retaliation - REUTERS
Summary
- Powell pushes back on easing due to tariff-induced inflation
- Australian dollar hits five-year low against dollar
- US dollar hits a six-month low versus safe-haven Swiss Franc
- Investors weigh dollar's status as a safe haven currency
NEW YORK, April 4 (Reuters) - The U.S. dollar rebounded against major currencies such as the euro and yen on Friday after Federal Reserve Chairman Jerome Powell acknowledged the repercussions of larger-than-expected U.S. tariffs and signaled a cautious tone on future easing.
Powell said tariffs increased the risk of higher inflation and slower growth, highlighting the difficult path ahead for policymakers at the U.S. central bank.
U.S. stocks plunged for the second straight day Friday in reaction to President Donald Trump's tariffs,00:02
