The dollar remained subdued in Asian trade on Thursday after weakening overnight as cooler-than-anticipated U.S. inflation data stoked expectations that the Federal Reserve's monetary tightening will end next month with one last interest rate hike.
stoked expectations that the Federal Reserve's monetary tightening will end next month with one last interest rate hike.
The Consumer Price Index climbed 0.1% last month after advancing 0.4% in February, with a decline in gasoline prices offset by higher rental costs. Economists polled by Reuters had forecast the CPI gaining 0.2% in March. Simon Harvey, head of FX analysis at Monex Europe said the data showed that underlying demand within the US economy remains significant enough to sustain inflation above the Fed's 2% target.
"Headline CPI decelerated more than expected, while the Fed is near the end of its tightening cycle and growth is not hot but not cold, resulting in a goldilocks-like environment," said Christopher Wong, a currency strategist at OCBC in Singapore.
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