The dollar was broadly lower on Tuesday ahead of a keenly anticipated inflation report, while the yen strengthened as surprise pick Kazuo Ueda was nominated to be the next governor of Bank of Japan.
Moh Siong Sim, a currency strategist at Bank of Singapore, said the foreign exchange market on Tuesday was in a holding pattern as the focus moves to the CPI data.
The market is pricing U.S. interest rates to peak at around 5.2% in July and ending the year at 4.9%, moving away from earlier expectations for the start deeper rate cuts later this year. "While the labour market remains tight and wages growth very strong, there is the risk that we receive upside surprises on the underlying inflation figures," she said.
Ueda, a former BOJ policy board member and an academic at Kyoritsu Women's University, is considered an expert on monetary policy but had not even been seen as a dark horse candidate for the top job.
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