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The dollar found its footing in Asian trade on Friday, retracing some of the previous day’s decline as traders questioned reports that a ceasefire deal in the Middle \u200bEast could be imminent.<\/p>\n
Against Japan’s currency, the U.S. dollar was up 0.2% at 160.235 yen. The \u200cAustralian dollar was down 0.1% at $0.7045, while its kiwi counterpart was 0.2% weaker at $0.5824.<\/p>\n
The euro last bought $1.1574, holding near its strongest in a week after the European Central Bank’s first interest rate hike in three years on Thursday. The British pound was flat at $1.3415.<\/p>\n
“There’s a question \u200baround the hopes of a deal, and questions around whether it will be met and agreed upon by \u200bIran and the U.S.,” said Michael Wan, senior currency analyst at Mitsubishi UFJ Financial Group \u2060in Singapore. “It sounds like it’s quite close, but they’re not exactly at the finish line.”<\/p>\n
Brent crude slid 1.8% to $88.76 \u200ba barrel in Asian trade, after President Donald Trump said the United States and Iran could sign a peace deal \u200bas soon as this weekend that would reopen the Strait of Hormuz to shipping. Iran countered that it had not reached a final decision on an agreement.<\/p>\n
The U.S. dollar index, which measures the greenback’s strength against a basket of six currencies, was steady at 99.743, stabilising \u200bafter slumping to its weakest level in a week on Thursday.<\/p>\n
Data that day showed U.S. producer prices increased more than \u200bexpected in May, leading to the largest annual gain in 3-1\/2 years as the Middle East conflict drove up the cost of \u200cenergy products.<\/p>\n
But \u2060traders found encouragement in the details of the report.<\/p>\n
“The more important core PPI reading, which typically feeds directly into core PCE inflation, came in at 4.9% year-on-year, well below the 5.4% expected,” said Tony Sycamore, market analyst at IG in Sydney, referring to the Federal Reserve’s preferred gauge of cost-of-living increases. “This, combined with the fall in energy prices, helped \u200bcalm inflationary concerns.”<\/p>\n
Expectations for the \u200btiming of the Fed’s next \u2060rate hike shifted back to December after the report. Fed funds futures now price in an implied 63.3% probability the U.S. central bank will keep rates on hold at \u200bits two-day meeting ending October 28, compared with an even chance a day earlier, according \u200bto the \u2060CME Group’s FedWatch tool.<\/p>\n
The European Central Bank is now widely expected to lift interest rates again in September, according to LSEG data.<\/p>\n
“The ECB delivered its first 25-basis-points hike since September 2023, with inflation and growth revisions hawkish at the margin,” analysts from \u2060Barclays wrote \u200bin a research note. “That said, it offered little guidance on if \u200band when it will follow with more, though risks seemed skewed towards further action, barring a quick improvement in the inflation outlook.”<\/p>\n
In cryptocurrencies, bitcoin was \u200bup 0.5% at $63,645.84, while ether edged 0.4% higher to $1,676.83.<\/p>\n
(REUTERS)<\/p>\n
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