Asia FX sees some relief as dollar retreats; rate fears remain in play
Investing.com-- Most Asian currencies crept higher on Thursday, seeing some breathing room as the dollar retreated from an over five-month peak, although fears of higher-for-longer U.S. interest rates remained at the fore.
But the greenback saw some profit-taking on Wednesday, while sentiment improved marginally amid a lack of immediate escalation in Iran-Israel tensions.The near-term outlook for the greenback still remained upbeat, especially as traders were seen almost entirely scaling back bets that the Federal Reserve will cut interest rates in June.
The prospect of high U.S. interest rates bodes poorly for Asian markets, given that it narrows the gap between risky and low-risk yields.Broader Asian currencies firmed slightly, seeing some relief from a dip in the dollar. But gains were limited as fears of U.S. interest rates remained in play.pair moving back towards 153 after testing 34-year highs above 154. Weakness in the yen also saw markets remain cautious over government intervention.
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