Asian Currencies Consolidate; May Weaken Amid Fed Rate-Increase Bets

0142 GMT – Asian currencies consolidate versus USD in the morning session, but could weaken amid ongoing bets for Fed rate increase in May. The U.S. CPI data released Wednesday still keeps a May rate increase by the Fed in play, the APAC Strategy Team at Saxo Markets says in a research report, noting Fed fund futures imply around 70% probability of a 25bp rate increase. The FOMC meeting’s minutes also support the case for another Fed rate increase in May for now, the team adds. USD/KRW edges 0.1% higher to 1,324.81 while USD/SGD is little changed at 1.3275 and AUD/USD is up 0.2% at 0.6711. (ronnie.harui@wsj.com)