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Dollar Notches Fresh Highs

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The dollar rose to its highest level in eight weeks against its major counterparts on Monday, as traders scaled back their bets on significant interest rate cuts by the Federal Reserve this year in light of the ongoing resilience of the U.S. economy. At the same time, the yen, Australian dollar, and New Zealand dollar fell to their lowest levels in two months in early Asian trading, while the euro reached its lowest level in over a month.

The repricing by the Federal Reserve came in the wake of Friday’s highly anticipated U.S. jobs report, which far exceeded market expectations. This bolstered Federal Reserve Chairman Jerome Powell’s statement at the conclusion of last week’s central bank policy meeting that a rate cut in March is unlikely. In an interview with the “60 Minutes” news program aired on Sunday by CBS, Powell stated that the Federal Reserve could be “wise” in deciding when to cut the benchmark interest rate, given the strong economy allowing central bank officials time to build confidence.

Treasury bond yields also surged amid expectations of a long-term increase in U.S. interest rates, with the yield on the two-year rising by over four basis points to approximately 4.4159%. The benchmark 10-year yield rose by about three basis points to 4.0656%.

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