SINGAPORE - The dollar was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year, while the yen eased towards the 155 per dollar level and kept intervention risks from Tokyo high.
Bank of Japan Governor Kazuo Ueda said on Wednesday the central bank will scrutinise the impact of yen moves on inflation in guiding monetary policy, while the country's Finance Minister Shunichi Suzuki repeated a warning that authorities were ready to respond to excessively volatile moves in the currency market.
"The market brushed off comments from Minneapolis Fed President Kashkari, who sits at the hawkish end of the spectrum and is a non-voter this year," said Rodrigo Catril, senior FX strategist at National Australia Bank.
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