Asian FX mixed after weak US data affirms Fed pause, stocks gain

Most Asian currencies traded mixed on Tuesday as economic data in the U.S. pointed to sluggish growth in the country's services sector, further bolstering the case for a pause in interest rate hikes by the Federal Reserve next week.

The U.S. dollar was largely subdued as data disappointed to the downside. The dollar index fell to 103.96 at 0358 GMT, after climbing as high as 104.40 in the previous session. In the Philippines, annual inflation slowed for a fourth consecutive month in May as food prices continued to ease, giving the central bank room to keep benchmark interest rates steady at its next policy meeting on June 22.

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Asian stocks wobble as traders weigh Fed rate pause optionSINGAPORE : Asian stock markets edged lower on Tuesday as economic data showed U.S. services sector unexpectedly softened, reinforcing expectations that the Federal Reserve may skip an interest rate hike when it meets next week.MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 per ce
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »