Asia FX flat as dollar steadies on Powell comments; Kiwi sinks on dovish RBNZ
Investing.com-- Most Asian currencies moved in a flat-to-low range on Wednesday as the dollar found some strength after Federal Reserve Chair Jerome Powell offered no direct cues on interest rate cuts.
But the Fed Chair said that any reductions in interest rates will be largely dependent on data, and reiterated the Fed’s commitment to meeting its 2% inflation target. This saw traders ramp up bets that the RBNZ could cut rates at least once in 2024, especially if inflation cools more than expected.inflation data showed that while factory inflation picked up in June, it still remained relatively weak, furthering doubts over whether the Bank of Japan will have enough impetus to keep tightening policy.inflation shrank in June, reflecting little confidence to spend among consumers.
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