Dollar holds near 150 yen ahead of Fed Chair remarks
TOKYO - The dollar held the yen near a two-week low, as growing expectations the U.S. Federal Reserve will keep rates higher for longer had the greenback and U.S. Treasury yields on the rise overnight and markets awaited a speech by Fed Chair Powell.
Waller, who is one of the Fed's most hawkish members, said he wants to"wait, watch and see" if the U.S. economy continues its run of strength or weakens in the face of interest rate hikes to date., which measures the dollar against a basket of currencies, held steady near Wednesday's high of 106.63 in the Asian morning.
Recent rhetoric from the Fed reflects significant tightening in financial conditions, as well as increased uncertainty given recent geopolitic events in the Middle East, according to IG Market Analyst Tony Sycamore. The Japanese yen strengthened slightly to 149.77 per dollar, off Wednesday's two-week low of 149.94 but still near the 150-level that markets perceive as a potential trigger for currency intervention by Japanese authorities.
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