Stocks in Australia were poised to see a decline at the open on Friday, following a second day of losses overnight on Wall Street as investors continued to grapple with recent comments by U.S. Federal Reserve Chairman Jerome Powell.
The Fed's Powell said Wednesday that recently low inflation pressures may just be "transitory," hinting that a rate cut may not be on the horizon, which disappointed traders. Powell's comments sparked a sudden sell-off in the previous session, with the Dow closing more than 150 points lower.
The Fed Chairman's comments followed the central bank's decision to leave rates unchanged, citing lackluster inflation. Ahead of the meeting, U.S. PresidentMeanwhile, investors also have an eye on the U.S. jobs data for April, with nonfarm payrolls set to be released later on Friday stateside. "Payrolls tonight are expected reveal still robust levels of payrolls growth but there'll be more than one eye on what the report says about average earnings growth that's expected to grow a meagre 0.1%," David de Garis, a director and senior economist at National Australia Bank, wrote in a morning note., which tracks the greenback against a basket of its peers, was at 97.832 after rising from levels below 97.6 yesterday.
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