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.
Analysts have said that any intervention from Tokyo would only serve as a temporary respite for the yen, given stark interest rate differentials between the U.S. and Japan remain. "If we were to see a sudden, sharp move up in dollar/yen then I would expect them to step into the market to support the yen. But if we continue to see a gradual move up, I doubt they'll come in, but there's obviously a risk," said Carol Kong, a currency strategist at Commonwealth Bank of Australia.Against a basket of currencies, the greenback was steady at 105.41, some distance away from a roughly one-month low it hit last week.
While Minneapolis Fed President Neel Kashkari said on Tuesday it is too soon to declare that inflation has definitely stalled out, that did little to move the needle on market pricing for rate cuts.
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