SINGAPORE : The dollar was steady on Tuesday as investors awaited an inflation report this week that will likely shape the U.S. rates outlook, while the yen was hovering near a two-week low, stoking intervention worries.
FILE PHOTO: Japanese Yen and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
All eyes this week will be on the consumer price index on Wednesday which is expected to show core CPI rose 0.3 per cent month-on-month in April, less than 0.4 per cent growth the prior month, according to a Reuters poll. The euro was little changed at $1.0786 but is up 1 per cent against the dollar so far this month, while sterling last bought $1.2554, up roughly 0.5 per cent so far in May.Nearly two-thirds of economists expect the Fed to cut its key interest rate twice this year, starting in September, a Reuters poll showed. That's up from a just over half of economists in the previous survey.Traders are back on tenterhooks as the yen nears levels that saw suspected interventions by Tokyo.
Japan's Finance Minister Shunichi Suzuki said on Tuesday the government will closely work with the Bank of Japan on the foreign exchange to ensure there is no friction between their mutual policy objectives.
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