Asia FX weakens as China PMIs disappoint; Dollar steady before PCE data
Investing.com-- Most Asian currencies drifted lower on Friday, with the Chinese yuan moving back towards six-month lows after disappointing business activity readings, while the dollar steadied in anticipation of key inflation data.
Regional currencies also remained under pressure amid persistent concerns over high-for-longer U.S. interest rates, as hawkish comments from Federal Reserve officials continued to trickle in. But they saw some relief on Thursday, as the dollar fell from over two-week highs following a softer reading on gross domestic product data.The reading signaled cooling in the U.S. economy, driving up some hopes that the Fed could eventually soften its hawkish stance to foster economic growth.The reading is expected to show inflation cooled slightly in April, but remained well above the Fed’s 2% annual target.
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