Asian currencies exhibited divergent performances against the US dollar in early trading, though they may find underlying support from the prospect of Federal Reserve interest rate cuts, a factor that typically boosts risk appetite. Analysts from Commerzbank Research noted in a report that the prevailing market sentiment appeared to be one of consolidation. However, they pointed out that January's US inflation data was "moderate and in line with expectations." The analysts further added that federal funds futures, as of last Friday, had priced in a total of 63 basis points in Fed rate cuts by year-end, an increase from the 56 basis points reflected the prior week. The US dollar rose 0.3% against the Japanese yen to 153.15 yen, and edged up 0.3% against the South Korean won to 1,444.21 won. Conversely, the Australian dollar gained 0.1% against the US dollar, trading at $0.7074.