SINGAPORE : The U.S. dollar was barely changed on Wednesday, with resilient economic data easing investor worries over a recession and lifting risk sentiment, though that also indicated that the Federal Reserve may have to continue raising rates.The Australian dollar fell sharply as consumer inflation eas
SINGAPORE : The U.S. dollar was barely changed on Wednesday, with resilient economic data easing investor worries over a recession and lifting risk sentiment, though that also indicated that the Federal Reserve may have to continue raising rates.Data showed that U.S. consumer confidence increased in June to the highest level in nearly 1-1/2 years, while business spending appeared to hold up in May, indicating the economy remained on solid footing.
Rodrigo Catril, senior currency strategist at National Australia Bank, said US data is feeding the theme of 'sectoral recessions' playing with different lags, making the Fed's job to tame inflation harder.Investor attention will firmly be on Fed Chair Jerome Powell's comments at the European Central Bank Forum in Sintra, Portugal, which could provide cues on the path of interest rates.
Meanwhile, the Australian dollar fell 0.72 per cent to $0.6637 after the Australian consumer price inflation rate slowed to a 13-month low in May, driven by a sharp pullback in fuel.
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