SINGAPORE : The dollar treaded water on Tuesday as investors braced for an highly anticipated inflation report, while the yen strengthened ahead of the expected announcement of surprise pick Kazuo Ueda as the next Bank of Japan governor. Markets are looking to the U.S. consumer price index (CPI) data for
SINGAPORE : The dollar treaded water on Tuesday as investors braced for an highly anticipated inflation report, while the yen strengthened ahead of the expected announcement of surprise pick Kazuo Ueda as the next Bank of Japan governor.
"There are tentative signs that U.S. inflation is cooling ... there is a limit on how low underlying inflation can go while services inflation is still very high," said Kristina Clifton, a senior economist at Commonwealth Bank of Australia. The Federal Reserve earlier this month raised interest rates by 25 basis points but said that it was turning the corner in its fight against inflation.
Ueda, a former BOJ policy board member and an academic at Kyoritsu Women's University, is considered an expert on monetary policy but had not even been seen as a dark horse candidate for the top job. The Japanese yen strengthened 0.23 per cent to 132.12 per dollar, having slipped 0.7 per cent in the previous session.
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