{"id":16490,"date":"2023-05-31T23:21:15","date_gmt":"2023-06-01T03:21:15","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/asia-fx-inches-higher-on-bets-of-fed-pause-debt-ceiling-progress\/"},"modified":"2023-05-31T23:21:16","modified_gmt":"2023-06-01T03:21:16","slug":"asia-fx-inches-higher-on-bets-of-fed-pause-debt-ceiling-progress","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=16490","title":{"rendered":"Asia FX inches higher on bets of Fed pause, debt ceiling progress"},"content":{"rendered":"
\n

Investing.com– Most Asian currencies advanced on Thursday, while the dollar inched lower tracking comments from Federal Reserve officials touting a potential pause in the rate hike cycle in June.\u00a0<\/p>\n

Markets were also somewhat encouraged by the U.S. House of Representatives voting in favor of a bill to raise the debt ceiling and avert a U.S. default, with the bill now headed for a final vote in the Senate later this week. This comes ahead of a June 5 deadline for a U.S. default, the prospect of which has kept markets on edge over the past week.\u00a0<\/p>\n

rose 0.2%, rebounding from six-month lows as a showed that manufacturing activity in the country grew more than expected through May. The data clashed with an that showed a sustained contraction in China\u2019s biggest economic engine, although the divergence could be linked to a difference in scope between the two surveys.<\/p>\n

Still, concerns over a slowing economic rebound in China persisted, given that the private survey only showed a marginal improvement in activity. These concerns, coupled with a string of weak daily yuan midpoint fixes by the People\u2019s Bank, had battered the Chinese currency in recent weeks.<\/p>\n

Other Asian currencies also rose on Thursday, benefiting from some weakness in the dollar as Philadelphia Fed President Patrick Harker said on Wednesday that skipping a rate hike during the June 14 meeting could allow the bank more time to consider future rate decisions.<\/p>\n

The added 0.1%, although further gains were held back by weaker-than-expected and data. South Korean also contracted in May.\u00a0<\/p>\n

The was flat, but was trading well above recent six-month lows hit against the dollar. Stronger-than-expected for the first quarter also pointed to a potential upward revision in GDP for the period.\u00a0<\/p>\n

The pared early losses following the positive Chinese data, and was also supported by stronger-than-expected for the first quarter.<\/p>\n

The U.S. and fell 0.1% each in Asian trade.\u00a0 While Harker specified that the Fed could still hike rates further after a June pause, his comments triggered some profit taking in the dollar at 10-week highs.<\/p>\n

Focus is now on U.S. data, due on Friday, for more cues on monetary policy. The prospect of U.S. rates staying higher for longer weighed on Asian markets through the past year, and is expected to limit gains in the region for the time being.\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com– Most Asian currencies advanced on Thursday, while the dollar inched lower tracking comments from Federal Reserve officials touting a potential pause in the rate hike cycle in June.\u00a0 Markets were also somewhat encouraged by the U.S. House of Representatives voting in favor of a bill to raise the debt ceiling and avert a U.S. […]<\/p>\n","protected":false},"author":1,"featured_media":16491,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-16490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nAsia FX inches higher on bets of Fed pause, debt ceiling progress | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- Most Asian currencies advanced on Thursday, while the dollar inched lower tracking comments from Federal Reserve officials touting a\" 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