Investing.com-- Most Asian currencies weakened on Tuesday, while the dollar firmed as markets hunkered down before key U.S. inflation data that is widely expected to factor into the path of interest rates.
The inflation data comes after a chorus of Federal Reserve officials warned that the central bank was in no hurry to begin trimming interest rates in 2024- a trend that bodes well for the dollar and poorly for risk-heavy, high-yield currencies.was among the worst-performing regional units in recent sessions, losing 0.1% on Tuesday and trading at 149.53- a near three-month low and just a hair away from breaking above the 150 level, which heralds more losses in the yen.
Losses in the yen came chiefly after a top Bank of Japan official signaled that even when the bank begins raising interest rates this year, it was unlikely to raise rates aggressively. This scenario presents little relief to the yen, which was pressured chiefly by a widening gulf between local and U.S. interest rates- a trend that is worsened by the prospect of higher-for-longer U.S. rates.
The dollar had shot up in late-January as traders began sharply scaling back bets that the Fed will begin cutting interest rates in March and May. TheWe encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: DailyFX - 🏆 305. / 63 Read more »
Source: DailyFX - 🏆 305. / 63 Read more »
Source: DailyFX - 🏆 305. / 63 Read more »
Source: CNBC - 🏆 12. / 72 Read more »
Source: DailyFX - 🏆 305. / 63 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »