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From Tokyo, New York Fed President John Williams delivered remarks that suggest little appetite for rate cuts in the near term. He stressed that central banks must “respond relatively strongly” when inflation drifts from target, and warned against taking policy steps where the "cost of getting it wrong far outweighs the benefits," especially given the high uncertainty around U.S. tariffs and trade policy.
Australia’s April monthly CPI came in a touch hotter than expected, with the headline holding steady at 2.4% y/y (vs 2.3% expected). The trimmed mean core measure rose to 2.8% y/y from 2.7% in March. While this is not the official quarterly inflation gauge used by the RBA — due in July — the data remains within the central bank’s 2–3% target band, keeping rate expectations finely balanced.
The U.S. dollar strengthened modestly across the major pairs, extending Tuesday’s move — the New Zealand dollar being the notable exception.
This article was written by Eamonn Sheridan at www.forexlive.com.
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