SINGAPORE, April 17 ― The dollar was broadly steady today, keeping the yen rooted near 34-year lows after comments from Federal Reserve officials, including Chair Jerome...
Singapore DPM Wong: PM Lee to stay on as senior minister after handover, bigger Cabinet changes ‘likely only after GE’
The comments follow a slew of data in recent weeks that highlight the strength of US economy along with persistent inflation.“Right now, given the strength of the labour market and progress on inflation so far, it's appropriate to allow restrictive policy further time to work and let the data and the evolving outlook guide us,” Powell said at a forum in Washington.
“Powell and other Fed officials are sticking to the view that rate cuts have been delayed rather than abandoned, which continues to give investors comfort,” said Ben Bennett, Apac investment strategist at Legal And General Investment Management. The yen, which is extremely sensitive to US yields, has been stuck at levels last seen in 1990, with the currency inching closer to the 155 per dollar level that traders worry might result in intervention by Japanese authorities.
“While the chorus of Japanese officials verbally intervening in JPY has increased with dollar/yen marching higher since US CPI last week, rhetoric from officials has been more focused on speed of a move rather than levels themselves.”
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