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US Dollar Hits Two-Month High as Aussie, Pound Slide 
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Asian Currencies Mixed as Yen Weakens, RBA Hike Looms 
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Australia Inflation Accelerates to 4% After RBA Rate Hike 
Gold Prices Slip as High Treasury Yields Weigh on Bullion 
UK Housebuilder Stocks Surge on New First-Time Buyer Loan Scheme 
RBA Hikes Interest Rate to 4.60% as Inflation Risks Rise 
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The U.S. dollar edged lower on Wednesday but remained close to a two-month high as traders awaited key U.S. inflation and labor-market data for fresh clues on the Federal Reserve’s interest rate outlook.
The U.S. dollar index slipped 0.2% to around 101.22. USD/JPY fell 0.3% to 156.77 as the Japanese yen extended its recovery, while EUR/USD edged higher to 1.1354 and GBP/USD gained 0.4% to 1.3278.
Despite Wednesday’s decline, the dollar is heading toward its strongest monthly performance since June. Expectations for additional Fed tightening and elevated U.S. Treasury yields have supported the currency, helping it gain roughly 2% against the yen this month and nearly 3.8% during the third quarter.
The yen was the strongest-performing Group-of-10 currency on Wednesday as Japanese authorities increased warnings about excessive currency depreciation. Japan’s top currency official Atsushi Mimura said Prime Minister Sanae Takaichi, Finance Minister Satsuki Katayama and U.S. officials had delivered a clear message regarding yen weakness.
Japan’s weaker-than-expected August retail sales and surprise decline in industrial production could limit expectations for faster Bank of Japan tightening. However, BOJ minutes showed policymakers believed underlying inflation was moving closer to the 2% target and further rate increases remained appropriate.
The Australian dollar fell 0.3% to around $0.69, dropping below $0.70 for the first time since early August after Australian inflation slightly missed forecasts. The data reduced expectations for another near-term Reserve Bank of Australia hike, a day after the RBA raised its cash rate by 25 basis points to 4.60%.
Attention now turns to the Fed’s preferred core PCE inflation measure on Wednesday and Friday’s U.S. nonfarm payrolls report. New York Fed President John Williams said there was “no need for urgency” on another rate increase, reducing market expectations for an October hike.
Meanwhile, China’s yuan remained broadly stable after official manufacturing PMI increased to 50.1 in September from 49.8, signaling a return to expansion ahead of China’s National Day holidays.
