Commonwealth Bank of Australia: Asian currency consolidation, Spring Festival holidays ease trading volumes.

Asian currencies against the US dollar consolidated as most markets in the region entered the Chinese New Year holiday period, with trading activity remaining light. Kristina Clifton from the Commonwealth Bank of Australia stated in a research report that the release of the Federal Open Market Committee meeting minutes for January and the preliminary GDP figures for the US fourth quarter this week are unlikely to substantially change market expectations for a rate cut by the Federal Reserve. The senior economist and senior currency strategist also mentioned that the market currently expects a high likelihood of a rate cut by the Federal Reserve in June, which aligns with the views of the Commonwealth Bank of Australia. FactSet data indicates that the US dollar is relatively stable against the Korean won, trading at 1,444.01 won; the Australian dollar dipped slightly by 0.2% against the US dollar to 0.7060.