Solid Gold Berjangka | Dollar Poised for Fourth Weekly Gain, Aussie Rises

02:34 11 August in Commodity, SOLID GOLD BERJANGKA | SOLID GROUP

A gauge of the dollar was little changed amid holiday-muted markets and after inflation data show the Federal Reserve has a good chance to achieve its soft landing. The Aussie gained after Reserve Bank commentary.

Bloomberg Dollar Spot Index traded less than a point either side of 1,233, set for its fourth straight weekly gain, the longest streak since February. Dollar purchases against the yen pushed spot toward the key 145.07, June 30 high but failed to hold. Cash Treasuries were closed for a Tokyo holiday.

Federal Reserve policymakers are increasingly likely to leave interest rates unchanged at their next meeting in September after fresh data showed further signs of cooling inflation. Treasuries reversed US CPI driven gains after a large 30-year bond auction weighed across the curve.

“USD will be supported on dips but our view that USD upside is likely limited still holds,” said Christopher Wong, FX strategist at Overseas Chinese Banking Corp. “The point of USD inflection could come when market narrative shifts into trading more rate cuts. And it could be several months out, dependent on how data pans out,” Wong added.

AUD/USD up 0.2% to 0.6528.

“AUD gains are likely due to Lowe’s parting comments, LNG prices – possible strikes in Australia that could lead to potential supply disruptions and rising likelihood of Fed pause following US CPI report,” Wong said.

USD/JPY eases 0.1% to 144.65 versus 144.63/90 range.

Source: Bloomberg

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