SINGAPORE : The dollar found some support on Wednesday after stubbornly high U.S. inflation suggested interest rates are going to remain high for longer than investors had expected.Headline CPI was 0.5 per cent in January mostly due to higher rental and food costs. That was in line with forecasts, though
SINGAPORE : The dollar found some support on Wednesday after stubbornly high U.S. inflation suggested interest rates are going to remain high for longer than investors had expected.
The U.S. dollar climbed to a six-week high of 133.30 yen and sat not far below that at 132.73 early in the Asia session. Other currency pairs were a bit more volatile but the greenback, which fell steadily in January, is holding its own."A tentative deceleration in inflation is now harder to discern. There is not much good news for that is looking for inflation to head down much further towards its 2 per cent target.
"We must remain prepared to continue rate increases for a longer period than previously anticipated," Dallas Fed President Lorie Logan said. U.S. Treasuries were also volatile after the data, but selling persisted at the short end and in Fed funds futures to reflect new expectations that U.S. interest rates will rise beyond 5.2 per cent this year and remain above 5 per cent.The Australian dollar moved bumpily sideways also, with traders focused now on an appearance by central bank chief Philip Lowe before a parliamentary committee.
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