The dollar was broadly steady on Monday as data showing easing U.S. prices bolstered bets that the Federal Reserve could cut interest rates in June, while...
SINGAPORE - The dollar was broadly steady on Monday as data showing easing U.S. prices bolstered bets that the Federal Reserve could cut interest rates in June, while the yen loitered near 152 per dollar keeping traders on edge on the threat of intervention.
Markets are now pricing in 68.5% chance of the Fed cutting rates in June versus 57% chance at the end of last week, the CME FedWatch tool showed. Traders are also pricing in 75 basis points of cuts this year. The dollar index, which measures the U.S. currency against six rivals, eased 0.038% to 104.42 but remained close to the six-week high of 104.73 it touched last week.
Japan's plans for the yen remain difficult to predict. Its fiscal year has ended, meaning the Bank of Japan does not need to worry about sudden yen movement impacting balance sheets. Citi analysts still expect the Japanese authorities to intervene somewhere in the 152–155 per dollar zone, pointing out that the yen has weakened against the Chinese yuan as well.
-- Asian equities rose on Monday as US inflation figures did little to alter views that the Federal Reserve will cut interest rates this year.
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