closer to a potential intervention zone, after strong US economic data bolstered the view that the Federal Reserve will keep interest rates higher for longer.
US manufacturing took a step further towards recovery in September as production picked up and employment rebounded, according to a survey on Monday that also showed prices paid for inputs by factories falling considerably. US Treasury yields have also given the dollar a boost, surging on the upbeat data release, as well as the last-minute deal that averted a government shutdownThe selloff of US Treasury bonds is the “talking point” of financial markets, said Carol Kong, economist and currency strategist at Commonwealth Bank of Australia, and a trend that likely will continue as long as US economic data remains strong.
Japanese Finance Minister Shunichi Suzuki said on Tuesday authorities were watching the currency market closely and stood ready to respond, repeating a warning against speculative moves that did not reflect economic fundamentals. “If that number indicates inflation is tracking towards 4% by year-end, then the RBA will likely stick to the sidelines.”
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