Dollar firms, yen skids as Fed cut wagers crumble

Experiencing the 2024 total solar eclipse in New Brunswick | SaltWire #solareclipse #eastcoastSINGAPORE - The dollar was firm on Thursday after hotter-than-expected U.S. inflation data squashed lingering expectations of the Fed starting its rate-cutting cycle in June, while the yen languished at the levels last seen in the middle of 1990.

On Thursday, the yen strengthened 0.20% to 152.88 per dollar, just below the 153.24 level touched on Wednesday after data showed the U.S. consumer price index rose 0.4% on a monthly basis in March, versus the 0.3% increase expected by economists polled by Reuters. Bank of Japan Governor Kazuo Ueda said on Wednesday the central bank would not directly respond to currency moves in setting monetary policy, brushing aside market speculation that the yen's sharp falls could force it to raise interest rates.

Adding to those doubts, minutes from the Fed's March meeting, released on Wednesday, show policymakers were already disappointed by recent inflation readings before the latest report. The latest trends in core CPI are moving in the wrong direction for the Fed to gain enough confidence on inflation by the time of the June FOMC meeting, according to Kevin Cummins, chief US economist at NatWest.

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