Dollar hits 2-year high after robust US data puts brake on rate cut bets

The dollar surged to a two-year high against major currencies following strong US jobs data, leading to reduced expectations for further Fed rate cuts. Equities in China, India, South Korea, and Australia declined as the US economy showed strength, causing concerns about liquidity drain in Asia. Oil prices rose after the US imposed sanctions on Russian oil, with Brent crude reaching $81 a barrel and West Texas Intermediate hitting $77.90 a barrel.

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