Dollar Declines after US Inflation Data
Singapore, 13 Jun (ONA) —- Major currencies held their gains today against a dollar knocked by softer-than-expected US inflation, save for the yen which remained squeezed ahead of a Bank of Japan meeting, as US policymakers signalled rates would be kept high for a while yet.
Overnight, the euro advanced 0.6% and punched above its 200-day moving average, last buying $1.0804. The Aussie dollar was at $0.6647, and the New Zealand dollar leapt to a five-month high above $0.62 before settling at $0.6170. Sterling rose 0.5% overnight to $1.2798, and was a tad lower as European markets opened.
China's yuan was steady at 7.2660 in offshore trade, and the yen was down by about 0.2%. The yen was at 157.08 to the dollar and on the back foot on crosses - where it hit a 17-year trough of 97.06 per kiwi overnight and a 16-year low of 200.91 on sterling.
They were pared when the Federal Reserve left the funds rate on hold at 5.25-5.5% and policymakers' median projection for the number of cuts this year fell to just one, from three in March.
—- Ends/Khalid