Dollar steady as PCE data sets up June rate cut bets; yen in focus
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.
Federal Reserve Chair Jerome Powell on Friday said the latest U.S. inflation data was"along the lines of what we would like to see," in comments that tallied with his remarks after the Fed's policy meeting last month. The euro was 0.06% higher at $1.07945, hovering near its more-than-one-month low of $1.0769 touched last week. Sterling was at $1.2637, up 0.12% on the day., 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 intervened in the currency market in 2022, first in September and again in October, as the yen slid toward a 32-year low of 152 to the dollar. Finance Minister Shunichi Suzuki said on Monday he would not rule out options against excessive currency movement and would respond appropriately, reiterating his warning on rapid yen moves.
In other currencies, the Australian dollar rose 0.21% to $0.654, while the New Zealand dollar was 0.20% higher at $0.599.Scan QR code to install app
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