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  AUSTRALIAN INFLATION AND US DURABLE GOODS ORDERS DATA, AUD/USD HOLDS GROUND AT 0.6600. The Australian dollar (AUD) has shown some signs of recovery after hitting a fresh five-month low of 0.6614. However, the downside remains favored as the US Dollar Index (DXY) continues to show strength and negative market sentiment persists. Investors are worried about the interest rate guidance from the Federal Reserve (Fed), which has triggered a V-shaped recovery in the USD index from a weekly low of 101.20. The Fed is set to announce its monetary policy for May next week, with a 25 basis points (bps) interest rate hike expected. The street was earlier anticipating that the Fed would pause its quantitative tightening regime after this interest rate hike. The S&P500 settled Tuesday’s session on a bearish note, despite upbeat earnings from Microsoft and Google. Banking jitters renewed after First Republic Bank reported a sharp decline in customers’ deposits, requiring it to raise funds fo...

  INTRODUCTION You may be wondering how the US dollar became the most powerful reserve currency. Here’s a look at some of the factors that have helped make it a global powerhouse. INTRODUCTION TO BRETTON WOODS AGREEMENT You may be wondering how the US dollar became the most powerful reserve currency. Well, it all started with the Bretton Woods Agreement. This was an agreement that was made in 1944 between 44 Allied nations who wanted to rebuild the global economy after World War II. Under this agreement, the US dollar was converted into gold, which established a system of payments based on the dollar. This helped to stabilize global currencies and prevented economic collapse. In addition, Bretton Woods also established a system of fixed currency exchange rates using gold as the universal standard. This meant that countries could exchange their currency for US dollars, which would then be exchanged for gold. This allowed international trade to flourish and prevented economic instab...