Investing.com– Most Asian currencies rose slightly on Wednesday, retaking some ground against a weaker dollar as markets awaited more cues on interest rates from key U.S. inflation data due later in the day.
Traders also grew more confident that the Federal Reserve will not hike interest rates further in 2024, following comments from Chair Jerome Powell on Tuesday. This notion sparked some weakness in the dollar, even as factory inflation data for April surprised to the upside.
Still, most regional currencies were nursing steep losses against the dollar in recent months, as traders largely priced out most expectations of interest rate cuts in 2024.
Dollar steady as CPI data approaches
The and both fell slightly in Asian trade on Wednesday, extending overnight losses even as data surprised to the upside.
Comments from the Fed’s Powell, specifically that monetary policy was…
