On October 1st, Jinshi Data reported that in the morning session, Asian currencies against the US dollar fluctuated, but weakened due to dim prospects of a Fed rate cut. Alvin T. Tan, Head of Asia Forex Strategy at Royal Bank of Canada Capital Markets, said in an email that Fed Chairman Powell stated on Monday that the policy interest rate "will change over time," but there is no "preset path." In addition, Powell later emphasized that the Federal Open Market Committee is not "eager to quickly cut interest rates," which would bring the cumulative rate cut by December to around 65 basis points.
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Asian currencies against the US dollar fluctuated in the early session, and the dim prospect of Fed rate cuts may lead to weakness.
On October 1st, Jinshi Data reported that in the morning session, Asian currencies against the US dollar fluctuated, but weakened due to dim prospects of a Fed rate cut. Alvin T. Tan, Head of Asia Forex Strategy at Royal Bank of Canada Capital Markets, said in an email that Fed Chairman Powell stated on Monday that the policy interest rate "will change over time," but there is no "preset path." In addition, Powell later emphasized that the Federal Open Market Committee is not "eager to quickly cut interest rates," which would bring the cumulative rate cut by December to around 65 basis points.