Singapore, Feb. 14 (BNA): The dollar was broadly lower on Tuesday ahead of a keenly anticipated inflation report, while the yen strengthened as surprise pick Kazuo Ueda was nominated to be the next governor of Bank of Japan (BOJ).

Markets are looking to the U.S. consumer price index (CPI) data for further clues on Federal Reserve’s policy outlook, with the headline number expected to rise 0.5% in January, according to a Reuters poll, after falling 0.1% in December, Reuters reported.

The dollar index , which measures the U.S. currency against six major rivals, eased 0.107% to 103.09, having slipped 0.34% overnight.

The index is up 1% for the month of February but is far off the 20-year peak of 114.78 it touched in September when the Fed was during its jumbo rate hikes.

Since then the Fed has tempered its pace of rate hikes. The U.S. central bank earlier this month raised interest rates by 25 basis points but said that it was turning the corner in its fight against inflation.

Read more: Dollar slips as inflation in focus, Ueda nominated as BOJ governor [Bahrain News Agency]

Source: BNA

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The yen hit a one-month low around the mid-132 yen range against the U.S. dollar on Monday after a report over the next Bank of Japan chief fueled speculation about continued monetary easing in the country.

The Nikkei index finished at around a two-month high, lifted by exporters on the weaker yen following the report saying the government has approached BOJ deputy chief Masayoshi Amamiya as a possible successor to the central bank governor.

The 225-issue Nikkei Stock Average ended up 184.19 points, or 0.67 percent, from Friday at 27,693.65, the highest since Dec. 15 . The broader Topix index finished 8.96 points, or 0.45 percent, higher at 1,979.22.

Gainers included wholesale trade, mining, and marine transportation shares.

Read more: Yen hits 1-month low vs. dollar on report over new BOJ governor [Japan Economic News]

Source: https://nordot.app/995212995974217728?c=445918389795193953

This article does not constitute investment advice or a personal recommendation. You should not make any investment decisions without first conducting your own research and considering your own financial situation.

Past performance is not a reliable indicator of future results.

Narrations are not endorsements.