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Key factors contributing to this dollar rebound are the hawkish comments made by Fed policymakers, attempting to counteract dovish rate expectations. Jerome Powell, Chair of the US Federal Reserve, will deliver his now eagerly awaited speech later this week.
The Euro’s standing weakened by 0.2% to $1.0674, influenced by a dimming growth outlook in the eurozone. German industrial production figures for September also fell beyond expectations, bringing concerns of a potential eurozone recession to match the unrecovered UK economy.
The British pound, which hit a seven-week high against the dollar earlier this week, fell by 0.2% to $1.2264. Meanwhile, the Japanese yen edged closer to 150 per dollar, raising concerns about potential currency intervention. On the other hand, the Australian dollar remained relatively stable at $0.6438 after experiencing its largest daily decline in approximately a month.
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