Dollar nears year high after pre-Fed data shock, yen slips

LONDON - The dollar inched towards its highest level since November on Wednesday ahead of a Federal Reserve interest rate decision later in the day, after data on Tuesday showed more signs of inflationary pressure in the U.S. economy.

A string of stronger-than-expected data has caused investors to rein in their bets on how much the Fed will cut interest rates this year. Traders on Wednesday expected just 29 basis points of cuts by December, down from more than 170 basis points at the start of the year. Traders cited yen-buying by Japanese authorities as a trigger for a sharp rally in the currency on Monday to as high as 154.4, after it fell to its lowest since 1990 at 160.25.

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Source: Loan Digest (loandigest.net)

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