Asian Currencies Consolidate; Fed Rate-Cut Prospects May Support
0024 GMT — Asian currencies consolidate against the dollar in the early session. However, Fed rate-cut prospects spurred by the disappointing U.S. economic data released overnight may support. Activity among U.S. services firms sank unexpectedly in May, according to the Institute for Supply Management's PMI. ADP National Employment Report showed only 37,000 jobs were created in May, the slowest pace of private-sector hiring in more than two years. U.S. money market pricing for a September Fed rate cut is now 97% priced, NAB's Head of FX Research Ray Attrill says, citing the weak data. USD/JPY is steady at 142.77; AUD/USD is little changed at 0.6494. (ronnie.harui@wsj.com)
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