0257 GMT - USD/SGD consolidates during the Asian session as traders assess Fed Chair Powell's congressional testimony overnight. Powell spoke about needing "more good data" to strengthen confidence on inflation moving to the Fed's 2% target before starting the easing cycle, Maybank analysts say in an FX Research & Strategy report. His remarks might have been perceived as slightly less dovish than markets were positioning for, given recent data which had suggested the U.S. economy is slowing, the analysts say. Currencies including SGD should consolidate ahead of U.S. June CPI data due out Thursday, the analysts add. USD/SGD is little changed at 1.3505. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
July 09, 2024 22:57 ET (02:57 GMT)
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