2024-01-31T09:43:31+00:00
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/ The US dollar is heading towards achieving its biggest monthly gain since September 2023 on Wednesday, while the Japanese yen is heading towards its biggest decline in more than a year, as traders await today’s US interest rate decision.
A sharp slowdown in inflation in Australia sent the Australian dollar down 0.5% to $0.6567 and bonds rose as investors continued to bet on interest rate cuts.
The dollar rose slightly to 1.0817 per euro and was steady at 147.67 yen during Asian trading.
The dollar has risen 2.2% against a basket of major currencies this month as markets scaled back expectations for the speed and size of interest rate cuts amid strong U.S. economic data and resistance from central bankers.
The yen has fallen more than 4.5% against the dollar this month and is on track for its biggest monthly decline since June 2022.
The yuan was steady at 7.1817 on Wednesday, down 1% on the month.