Asia FX weakens as hawkish Fedspeak offsets inflation relief; BOJ awaited
Investing.com-- Most Asian currencies weakened on Thursday as forecasts of fewer interest rate cuts by the Federal Reserve dented appetite for regional markets, even as the dollar fell on a soft inflation reading.
While tighter monetary conditions are expected to offer some support to the yen, traders were doubtful over just how much headroom the BOJ has to tighten policy, given recent signs of economic weakness in Japan.inflation data for May showed some improvement, which could tie into the BOJ’s forecast of an eventual pickup in inflation this year.Chair Jerome Powell said the central bank now only saw the possibility of one rate cut this year, down from prior forecasts of three.
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