Top bankers from JP Morgan Chase & Co, Bank of America and Goldman Sachs said overnight that the banks are bracing for a worsening economy next year, as inflation threatens consumer demand.The greenback rose 0.16% overnight against the Japanese yen , but erased some of those gains in early Asia trade and fell 0.04% to 136.97 yen.
It had risen nearly 0.3% overnight, extending a brief rally for a second straight session after upbeat US services and factory data released at the start of the week pointed to underlying momentum in the world’s largest economy. Two European Central Bank officials had signalled that inflation and rates may be close to peaking, ahead of the ECB’s monetary policy meeting next week.
The antipodean currency remained buoyed by a hawkish stance from the Reserve Bank of Australia, which on Tuesday signalled more rate hikes ahead to cool inflation, after it lifted its cash rate by 25 basis points to a 10-year high.In Asia, China’s November trade data is also due on Wednesday, and is expected to show a further contraction in the country’s exports and imports.
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