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The US dollar pushed higher in early Asia trading after Lael Brainard, a Fed board member, joined a chorus of her colleagues who have hinted that a March rate increase is squarely on the table.

The greenback was recently up 0.2 per cent to 113.96 yen per buck. Meanwhile, the euro slipped 0.04 per cent to $1.054.

Ms Brainard said that the Fed should be prepared to increase its benchmark interest rate “soon” as the job market pushes closer to full employment and inflation moves towards the central bank’s target.

Several other top Fed officials, including the New York Fed head, made similar remarks on Tuesday. Odds of a March rate increase hit about 80 per cent on Tuesday, up from less than 40 per cent a week ago, according to Bloomberg data on federal funds futures. The front-month Fed funds futures contract was little changed at pixel time.

Copyright The Financial Times Limited 2017. All rights reserved.

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