HomeEconomyDollar dips, sterling gains ahead of U.S. inflation data Economy Dollar dips, sterling gains ahead of U.S. inflation data By inew July 12, 2023 0 29 views Share FacebookTwitterPinterestWhatsApp AUD/USD +0.% Add to watchlist /remove from watchlist Join the watch list Add Job Location successfully added to: Please tell us your portfolio type: purchase Sell date: quantity: price Point value: Leverage: 1:1 1: 1: 1: 1: 1: 67 1: 37 1: 56 1: 78 Committee: 2970 6739 6233 CREATE NEW WATCHLIST CREATE 1402970 400 Create a new portfolio add Create 1000101 + add another position to close Author: Rae Wee Singapore( (Reuters) – The dollar fell to two-month lows against major currencies on Wednesday, ahead of key U.S. inflation data, while sterling gained (BoE) to hike rates further. The New Zealand dollar is the Reserve Bank of New Zealand (RBNZ) on Wednesday, as expected, kept interest rates unchanged and said its cash rate needs to “remain at the level for the foreseeable future.” restrictive level”. this2970 Kiwi is the last 0. % up $0. 67. this6233 AUD is also higher, rising by 0. 11% is $0. 139. “(The RBNZ) statement and the minutes generally retained a dovish tone, but they couldn’t be further from Matt Simpson, senior market analyst at City Index. “Don’t warn that inflation is still ‘too high’ because they need to keep inflation expectations in check. ” ” But an economy is now in recession , we can be relatively safe betting that we have seen the final rate. That means the next topic for investors is when the RBNZ will start cutting rates. “ Broader market focus remains on U.S. inflation data due later on Wednesday, with core consumer prices expected to rise 5% year-on-year in June. These data should provide further clarity on the Fed’s progress in fighting inflation. , the dollar fell to a two-month low . exchange rate against a basket of currencies, after Fed officials said that the central bank’s current monetary policy is tightening The decline since the start of the week extended after the cycle was nearing its end. USD/JPY fell 0.7% to a one-month low . Yen, while Euro hits 2-month peak at $1. 25. “We’ve seen market volatility on the soft U.S. inflation report,” said City Index’s Simpson. “If the data is in line with expectations, there is a risk of a ‘buy the rumour, sell the fact’ reaction.” Sterling peaked Monthly high of $1. 101 exist On the Asian trade front, the Bank of England will have to tighten monetary policy further to curb UK inflation, which is now the highest of any major economy, on bets. A key measure of British wages grew at the fastest pace on record, with data showing on Tuesday that it was largely flat in the three months to May. Revenue soared 7.3%, beating expectations for a 7.1% gain. Current market pricing roughly suggests another 25 Bank of England The basis for raising interest rates. U.S. Treasury yields came under pressure on Wednesday, with the two-year yield and the benchmark The annual rate of return is stable below 5% and 4% respectively. [us/] Given the sensitivity of USD/JPY to US yields and the sensitivity to Japanese rates, the slide in US Treasury yields is for the yen Provides some respite to keep anchored near zero. Analysts said the Bank of Japan (BOJ) may adjust its controversial yield curve control (YCC) policy at this month’s meeting, which also gave the yen a boost. some support. “although Stability policy seems to be the most likely outcome of the July policy meeting, but it is widely expected to lead to an upward revision in inflation forecasts, and the market will continue to hope that the Bank of Japan can provide some signals on when to adjust the YCC.” Jane, head of foreign exchange strategy at Rabobank Foley said. “A possible adjustment to speculation could provide some support for the yen ahead of this month’s BOJ meeting.” 56 Share FacebookTwitterPinterestWhatsApp Previous articleKorean Actress Park Eun Bin to Star in Netflix K-Drama “Adrift Heroine”Next articleSamsung Galaxy Tab S9, Galaxy Tab S9 Plus and Galaxy Tab S9 Ultra official product images leaked inewhttps://inew.news RELATED ARTICLES Economy Egypt says IMF agrees to merge first two reviews of reform program September 23, 2023 Economy India to delay import licensing of laptops after US, industry push back, sources say September 23, 2023 Economy Oil price spike does not change ECB’s view on inflation-Villeroy September 23, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! 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