Stocks take a breather, Fed rate-cut drumbeat weighs on dollar

A woman walks past an electronic screen displaying the stock index prices of Asian countries outside a brokerage in Tokyo, Japan April 24, 2025. REUTERS/Issei Kato

SINGAPORE: The U.S. dollar was under pressure on Thursday as traders piled into wagers that the Federal Reserve will resume cutting interest rates next month, powering bitcoin to a record high, while a blistering rally in global stocks took a breather.

MSCI's gauge of equities in Asia excluding Japan lingered near its loftiest level since September 2021, taking cues from Wall Street, where the S&P 500 and Nasdaq indexes hit new closing highs for the second straight day.