SINGAPORE : Stocks struggled to make headway on Wednesday, the dollar nursed losses and bonds clung to gains, as signs of a slowing U.S. labour market made investors nervous about the economic outlook, while a bigger-than-expected rate hike lifted the kiwi dollar.
Overnight a four-day winning streak for Wall Street indexes ended, with all three major indexes dropping, and interest rate expectations were dialled down after data showed U.S. job openings hit their lowest level in nearly two years in February. "The current crisis is not yet over," he said."And even when it is behind us, there will be repercussions from it for years to come."
Two-year yields are at 3.864 per cent and 10-year yields at 3.352 per cent, with the whole U.S. yield curve below top of the Fed funds rate window, which is at 5 per cent. Outside the United States, markets see other central banks staying the course on hikes to tame inflation. A Reuters poll of FX strategists found most expect that to keep pressure on the dollar this year.
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