Asia FX weak as Fed jitters grow, yen stalls after suspected intervention

Investing.com-- Most Asian currencies fell on Tuesday as anticipation of a Federal Reserve meeting this week kept traders largely biased towards the dollar, with the Japanese yen falling slightly after rebounding amid suspected government intervention.

Most regional currencies were nursing losses through April as traders steadily priced out expectations of early interest rate cuts by the Fed. A series of hotter-than-expected U.S. inflation readings drove this notion.. The central bank is expected to keep rates steady, but could potentially offer hawkish signals in the wake of sticky inflation readings.

While the government gave no official word on the intervention, the yen rebound came after a series of verbal warnings from Japanese officials over the past month.The yen was the worst performer in Asia through April, with the USDJPY pair up nearly 4%.The reading showed that sticky inflation and high interest rates weighed heavily on consumer spending, which presented a softer outlook for inflation.

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