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NEW YORK, Aug 13 - The dollar softened against the yen on Tuesday and was weaker against a basket of its peers in calmer trading, as markets await U.S. inflation data that could indicate the outlook for Federal Reserve interest-rate cuts.
"Today's PPI release has definitely been taken as promising news for markets," said Helen Given, associate director of trading at Monex USA."Traders are treating this as sort of a prelude to tomorrow's CPI, which markets have been bracing for as a possible volatility event after last month's reading showed prices actually went down."
The yen slid to 38-year lows in July as investors piled into the carry trade, in which they borrow yen in Japan where interest rates are low, then sell it for other currencies to buy higher-yielding assets elsewhere. "The market wants to test what the appetite is for it to go higher. The reality is the rate spread between U.S. and Japan is still going to be very wide," said Amo Sahota, director, Klarity FX.
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