The dollar's gains have been most striking against the yen , and it was trading choppily at 125.47 yen on Tuesday morning, just off the overnight intraday high of 125.77, when it neared its June 2015 peak of 125.86. A move past that level would take the dollar to its highest against the yen since 2002.
The dollar also gained steadily overnight on the offshore Chinese yuan , and reached a two-week high of 6.390 in early trade. The dollar's strength "was most apparent against JPY and CNH – currencies of economies with a dovish central bank," said analysts at CBA in a morning note.CBA analysts said they expected very high U.S. inflation would reinforce expectations of aggressive Federal Reserve tightening. They said that because a 50 basis point rate hike was not yet fully priced in for each of the next two Fed meetings, they expect further gains for the dollar.U.S.
"Macron looks set to return to office following the April 24 vote but the scale of his victory is likely to be far smaller than when he was seen as an upstart five years ago and likely slim enough that the political earthquake that would be a Le Pen victory cannot be entirely discounted." The Australian dollar was on the back foot at $0.7403, as lower oil prices weighed on the commodity-linked currency. The New Zealand dollar was also lower at $0.6807, ahead of a closely watched meeting by the Reserve Bank of New Zealand at which a 50 basis point rate hike is on the cards. RBNZWATCHReporting by Alun John; Editing by Kenneth Maxwell
Source: Entertainment Trends (entertainmenttrends.net)
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