Abstract:Asian currency markets remained stable on Tuesday's trade, helped by the US dollar's strengthening safe-haven status as the policy stalemate in Washington over the US debt ceiling continues.

Asian currency markets remained stable on Tuesday's trade, helped by the US dollar's strengthening safe-haven status as the policy stalemate in Washington over the US debt ceiling continues.
The Dollar Index traded mostly flat at 102.250. The potential for default on US debt if a deal is not done to raise the nation's borrowing limit, which Treasury Secretary Janet Yellen reiterated could be hit as soon as June 1, has helped the dollar push higher of late, with traders looking to the greenback given it is often used as a a safe haven in times of stress.
Additionally, traders are likely to focus on the release of US retail sales data for April, which is expected to show sales growing 0.8% in April, an improvement from last month's dramatic 0.6% slump.
The Federal Reserve raised interest rates last week for the 10th time in a row, but signaled that it may rest on aggressive policy tightening as it studies incoming economic data and assesses the impact of tightening to date.
Inflation remained high in April, even if slightly lower than the previous month, and a number of Fed officials have said in separate speeches that rates are likely to remain higher for longer if prices continue to hold substantially above the Fed's 2% target.
EUR/USD was up 0.1% to 1.0880, having bounced from a five-week low overnight, ahead of the release of first-quarter growth data for the eurozone.
This is expected to show barely scratched the region's growth in the first three months of the year, up 0.1% on the quarter and 1.3% on a yearly basis.
Also of interest is Germany's ZEW economic sentiment index for May, which is expected to show a decline in sentiment in the euro zone's largest economy.
GBP/USD fell 0.3% to 1.2494 after the UK unemployment rate unexpectedly rose to 3.9% in the three months to March, increasing the chances of the Bank of England halting interest rate hikes at its next meeting in June.
USD/JPY fell 0.3% to 135.78, AUD/USD fell 0.3% to 0.6683, while USD/CNY rose 0.2% to 6.9643 as the yuan traded near a two-month low after the data China showed industrial production and retail sales growing less than expected in April.


BotBro is a Dubai-based forex broker that has continued to grab headlines for years, with its name being involved in one scam after another. In the latest episode, its name was found in the alleged INR 800 crore forex and crypto trading scam in Goa. Top-level agencies, including the Enforcement Directorate (ED), are investigating the case. They have labeled the platform as a Ponzi scheme. The platform is disguised as an AI-powered forex trading app. In connection with this case, the Goa Police Economic Offences Cell (EOC) filed a First Information Report (FIR) against 10 individuals, including the company owner, Lavish Chaudhary Alias Nawab Ali, for fund misappropriation worth over INR 7.3 crore. Read on as we share the BotBro review in this article.

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