Asian Currencies Consolidate; May be Supported by Fed Rate-Cut Prospects
Dow Jones10:45
0245 GMT - Asian currencies consolidate against the greenback, but may be supported by Fed rate-cut prospects. U.S. headline inflation rate cooled to 3.4% on year in July, while core CPI rose 2.5%. Headline inflation remains uncomfortably above the Federal Reserve's 2% target and core inflation has gradually declined from May's peak of 2.9%, says MUFG Bank's Michael Wan in a note. The FOMC is likely to maintain a restrictive holding pattern in September rather than towards a hike, he adds. The U.S. dollar falls 0.2% to 1414.40 won and is little changed at 159.40 yen, while the Australian dollar is 0.2% lower at US$0.7050, LSEG data shows.
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