TOKYO : The dollar hovered near a two-decade high against major peers on Wednesday, ahead of a key reading on inflation that should provide clues on how aggressive the Federal Reserve will be in tightening monetary policy.
The yen continued to get some respite from a pause in the recent relentless rise in benchmark U.S. Treasury yields, trading little changed at 130.40 per dollar, after dipping to a more than two-decade low of 131.35 on Monday. Markets are priced for another hike of at least 50 basis points at the central bank's June meeting, according to CME's FedWatch Tool.
The euro"remains heavy" above $1.05, he wrote, and a strong CPI print could push the Australian dollar below $0.69.
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