HONG KONG: Asian markets rallied and the dollar extended losses Wednesday after Federal Reserve boss Janet Yellen struck a cautious note on the global economy that lessened the prospects of an interest rate rise any time soon.
A better-than-expected reading on US growth and other improved data recently had raised hopes that the global turmoil at the start of the year may have ended, and fuelled talk that the central bank might consider a further tightening of borrowing costs.
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