More broadly,"FX markets have been in a risk-off mode, as equities continue to struggle on lingering concerns over the health of the global banking system," Fawad Razaqzada, market analyst at Forex.com, wrote in a Friday note.
Bets that the Fed will pause rate hikes then turn to cutting rates this summer jumped Friday. The probability of a May pause soared to 95.3% on Friday from 76% a day earlier, according to theMeanwhile, traders were pricing in 60.3% odds of a quarter-point rate cut in June versus 30% on Thursday. But the recent events"are likely to result in some tightening credit conditions for households and businesses and thereby way on demand on the labor market," Powell said Wednesday.
Trump’s Economics 🙈
Didn’t he repeatedly say no rate cuts a 100 times..