Today's Edition
HONG KONG (REUTERS)
The dollar held near a one-week high on Wednesday and oil inched up.
The euro stood at $1.1735 and the sterling traded at $1.3532, both down roughly 0.05% against the greenback in early Asia trades.
The US dollar index, which tracks the greenback against a basket of six major currencies, was steady at 98.335, near the strongest level in a week.
The US consumer price index (CPI) rose 3.8% in the 12 months through April, the biggest year-on-year increase since May 2023.
Oil prices settled higher, with Brent crude futures last traded near $108 a barrel.
The US two-year note yield, which typically moves in step with Federal Reserve interest rate expectations, rose to 3.9956%. The yield on benchmark US 10-year notes climbed to 4.4688%.
Markets have largely priced out any chance of a rate cut from the Fed this year, while expectations for a hike of at least 25 basis points at the central bank's December meeting rose to 35%, according to CME's FedWatch Tool.
The Australian dollar fetched $0.72365, and the New Zealand dollar traded at $0.5954, both largely flat.
The Japanese yen was largely steady at 157.715, after a sudden move stronger on Tuesday had stoked speculation of a "rate check" by authorities, which is often a precursor to currency intervention.
Elsewhere, China's yuan traded around 6.79 per dollar, near its strongest since February 2023, as markets looked ahead to this week's meeting between Trump and Chinese President Xi Jinping in Beijing.
