The dollar steadied on Tuesday after rallying the previous day as investors flocked to the safe haven currency on worries over China's COVID flare-ups, while bitcoin came under pressure after fears of fresh contagion from the collapse of crypto exchange FTX.
The major factor driving dollar moves in recent months has been market expectations of how aggressively the Federal Reserve will raise rates.
The dollar has been weakening this month on hopes that the United States is nearing the end of its interest rate hiking cycle, though more hawkish remarks from policy makers disrupted this trend late last week, which also contributed to Monday's gains. The fresh bout of risk aversion related to China weighed particularly on the antipodean currencies - often used as liquid proxies for the Chinese yuan - with the Aussie sliding nearly 1% on Monday. It recouped some losses on Tuesday, rising 0.24% to $0.6631.In cryptocurrencies, Bitcoin fell to a new two-year low of $15,479 on Monday, another victim of the rush to the dollar, and also amid jitters about the health of crypto broker Genesis.
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