A proposed cut in the fiscal budget to 3% of GDP, down from 3.8% in 2023, suggests no major fiscal stimulus.
Regional equities dipped as the US Federal Reserve showed reluctance to cut rates, following Wall Street’s retreat from record highs.
Bitcoin continued its ascent to a fresh two-year peak of US$68,650.87 that put it within spitting distance of an all-time high. Gold marked a record closing high of US$2,114.99 on Monday and continued to hover at that level in the latest session. Meanwhile, alternative assets like cryptocurrencies and bullion have been supported and equities sold following hawkish comments from Atlanta Fed president Raphael Bostic that there is no urgency to cut interest rates amid risks inflation stays above the central bank’s 2% target.
The dollar index, which measures the currency against six major peers, was last flat at 103.83. It eased 0.07% on Monday, as declines against rivals like the euro and sterling overshadowed gains against the yen.