Most Asian currencies moved little on Thursday, seeing little support even as the dollar fell sharply from near five-month highs as uncertainty over the path of U.S. interest rates remained in play.
Most Asian currencies remained stable as the dollar fell from its five-month high. The uncertainty over the path of U.S. interest rates kept the currencies from gaining support. The dollar index futures continued to decline in Asian trade following mixed signals from Federal Reserve Chair Jerome Powell on U.S. interest rate cuts. Powell mentioned that the Fed will eventually cut interest rates, but did not provide any clear indications on the timing and scale of the cuts.
The central bank is also waiting for more confidence in inflation reaching its 2% annual target. The focus is now on the upcoming labor data for March and addresses by other members of the Fed's rate-setting committee
Asian Currencies Dollar U.S. Interest Rates Federal Reserve Jerome Powell Inflation Labor Market
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