The dollar treaded water on Tuesday as investors braced for an highly anticipated inflation report, while the yen strengthened ahead of the expected announcement of surprise pick Kazuo Ueda as the next Bank of Japan governor.
Clifton said services inflation, which is strongly linked to wages growth, has shown no signs of softening, adding that a cooling in the labour market will be required for that to occur.
The euro was up 0.1% to $1.0731, having risen 0.435% the previous session. Sterling was last trading at $1.2149, up 0.12% on the day, after rising 0.6%.Bank of Japan governor Rodrigo Catril, a currency strategist at National Australia Bank, said Ueda is regarded as a sensible choice as he is not a fully committed "uber dove" and he should have more flexibility as an outsider.
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