The U.S. dollar was little changed on Thursday as investors looked ahead to next week's U.S. inflation data and digested comments from a slew of Federal Reserve officials who said modest interest rate rises were on the way.
The report raised expectations that the Fed might go back to an aggressive monetary policy stance, but Powell did not lean further into that argument in his speech on Tuesday.The Japanese yen weakened 0.11% to 131.54 per dollar, while sterling was last trading at $1.2064, down 0.06% on the day.Market pricing anticipates the Fed funds rate peaking just above 5.1% by July then falling by the end of the year to 4.8%.
Williams, in his remarks, reiterated his belief that it remained key for monetary policy to get to and stay at levels that would restrain economic growth "for a few years." OCBC currency strategist Christopher Wong said the pace of rebound in the dollar was showing tentative signs of moderation but the currency was still somewhat supported, because of comments from Fed speakers.
"On one hand Powell's comments at the Economic Club of Washington the night before was less hawkish but on the other hand, Fed officials such as Williams Lisa Cook took the opportunity to turn up the hawkish rhetoric."Reporting by Ankur Banerjee in Singapore; Editing by Bradley Perrett
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