Dollar edges higher before CPI; Aussie steady as RBA decision looms
U.S. dollar edged to the highest level this month against the yen on Tuesday as traders looked ahead to a reading of U.S. inflation due the following day for further clues on the path of Federal Reserve policy.
The Australian dollar held its ground heading into a central bank interest rate decision later in the day, after the currency rebounded on Monday from a four-month low.
The U.S. dollar added 0.16% to 151.45 yen as of 0121 GMT, and earlier touched 151.55 for the first time since Nov. 28.
While markets have priced in a quarter-point Fed rate cut on Dec. 18 as a near certainty, the consumer price index due on Wednesday could shine some light on how much room policymakers have for easing next year.
Data on Friday showed U.S. job growth surged in November, but a rise in the unemployment rate to 4.2% pointed to an easing labor market that should allow the Fed to cut interest rates again this month.
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