The dollar wobbled on Wednesday as expectations of a rate hike by the Federal Reserve next week receded, though currency moves were subdued as traders contemplated whether an end to the global monetary policy tightening cycle was near.
"The cash rate is now 4.1%, which we think is in a deeply restrictive territory, so that obviously means that the risk of a hard landing in the Australian economy has increased," said Carol Kong, a currency strategist at Commonwealth Bank of Australia.expectations that the Bank of Canada could resume its tightening campaign at an interest rate decision later on Wednesday sent the Canadian dollar to a near one-month high of C$1.3388 to the greenback.
Against the dollar, sterling rose 0.05% to $1.2429, while the Japanese yen edged roughly 0.2% higher to 139.32.Euro zone consumers lowered their inflation expectations, a European Central BankIn Asia, data out on Wednesday showed that China's exports shrank much faster than expected in May and imports fell, albeit at a slower pace, as manufacturers struggled to find demand abroad and domestic consumption remained sluggish.
The Chinese yuan barely reacted to the release, with the offshore yuan last 0.02% higher at 7.1278 per dollar. "We are getting to a point where there is a need for more policy stimulus ... so perhaps something could be coming around the corner, and that's probably keeping the market hopeful," said Bank of Singapore's Sim.
Elsewhere, the Turkish lira slid nearly 3% to a fresh record low of 22.15 per U.S. dollar, while the kiwi edged 0.13% lower to $0.6071.The U.S. Securities and Exchange Commission on Tuesday sued
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