Asian currencies against the US dollar showed a consolidation trend in early trading as the market awaits the later release of the US non-farm payroll report. Carol Kong, a foreign exchange and economist at Commonwealth Bank of Australia (CBA), stated in a research report: "We expect the non-farm employment data to continue to be below market consensus, which will put pressure on the US dollar." She pointed out that if the US labor market cools further and inflationary pressures ease, it may "prompt" the Federal Reserve to cut interest rates twice more this year.
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Asian currencies traded sideways in early trading ahead of the non-farm payrolls report.
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