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| Commodity News |
| HeadLine : |
US dollar skids ahead of inflation data; yen not far from 1990 lows |
| Date : |
Apr 9 2024 |
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The dollar slid on Monday as investors focused on U.S. inflation data due later this week, while the yen dipped to near 34-year lows, with traders remaining alert for any potential action from Japanese authorities to support the weakening currency.The greenback fluctuated last week as traders digested a mixed bag of economic data amid a slowdown in services growth followed by unexpectedly strong hiring numbers that prompted the market to pare bets on Federal Reserve rate cuts this year.The yen's weakness came in the wake of data showing Japanese workers' real wages fell in February for a 23rd consecutive month, suggesting higher prices weighed on consumers' spending appetite.In the United States, the main focus is on consumer price inflation for March due on Wednesday. Economists expect the headline consumer price index (CPI) to have risen 0.3 on a monthly basis, compared with 0.4% in February, according to a Reuters poll. Core CPI is also seen rising 0.3% for the month of March.Ahead of the CPI data and after a strong jobs report last Friday, the U.S. rate futures market has reduced the odds of a June rate cut to 49%, down from 58% a week ago, the CME's FedWatch tool showed.
Source: Reuters
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