The Australian dollar outperformed regional peers, while the New Zealand dollar’s NZD/USD pair soared 1.2 per cent

Most Asian currencies were little changed on Wednesday, while the Australian dollar jumped on a hot inflation report, and the New Zealand dollar soared after central bank decision.

The yen’s USD/JPY pair was largely unchanged after dropping 0.5 per cent overnight. The move came after a Reuters report stated that the Bank of Japan (BOJ) is signalling a potential rate hike as soon as next month, citing renewed concerns over yen weakness and easing political pressure to maintain low rates.

The won’s USD/KRW pair edged up 0.1 per cent, while the Singapore dollar’s USD/SGD traded flat.

The Indian rupee’s USD/INR added 0.1 per cent.

In China, the yuan’s onshore USD/CNY and the offshore USD/CNH pairs were both largely muted.

The Australian dollar outperformed regional peers after data showed consumer inflation remained stubbornly high in October.

The currency’s AUD/USD pair climbed 0.6 per cent on Wednesday, marking fourth straight sessions of gains.

The stronger-than-expected reading dampened expectations of further easing by the Reserve Bank of Australia (RBA), with investors dialling down bets for a December rate cut.

The New Zealand dollar’s NZD/USD pair soared 1.2 per cent after the Reserve Bank of New Zealand cut its cash rate by 25 basis points to 2.25 per cent, as forecast, but signalled the easing cycle may now be over.

The US Dollar Index was largely muted in Asia hours after declining 0.5 per cent overnight. US Dollar Index Futures were also steady as of 04:48 GMT.

The U.S. dollar softened overnight as Asian currencies rose on Tuesday, but they steadied in early Wednesday trading.