Asia FX weak as dollar hits 5-mth high on hot CPI; yen intervention in focus
Investing.com-- Most Asian currencies weakened on Thursday as hotter-than-expected U.S. inflation data put the dollar at a five-month high, while weakness in the Japanese yen saw markets wary of any potential intervention.
Soft inflation readings from China also weighed on sentiment, as a deflationary trend in Asia’s biggest economy remained in play.data for March, which furthered the notion that U.S. inflation was turning sticky above the Fed’s 2% annual target., saw traders largely price out expectations for a June rate cut by the central bank. The minutes also came on the heels of repeated warnings from Fed officials over sticky inflation delaying any potential rate cuts.
Several top-level finance officials offered up more warnings on potential currency market intervention on Thursday- specifically Vice Finance Minister Masato Kanda. Kanda had led record levels of intervention in 2022, when the USDJPY pair had last tested 1990 levels.Broader Asian currencies stuck to a flat-to-low range. The Australian dollar’s {{|AUDUSD}} pair rose 0.
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