LONDON -The dollar held firm on Wednesday, recouping some of the losses stemming from renewed bets on Federal Reserve rate cuts this year, while the yen weakened for a third day, keeping investors wary of the risk of intervention from Tokyo.
Traders believe Japanese authorities spent some $60 billion last week on propping up the yen after it hit its weakest in 34-years against the dollar around 160 yen. The dollar was last up 0.45% against the yen at 155.375, edging away from last week's low of 151.86, hit on the back of suspected intervention.Investors are focussed on the pace and timing of Fed rate cuts that will likely drive the currency market. The latest data showing weaker-than-expected U.S. jobs creation, together with an easing bias from the U.S. central bank, have cemented expectations that rates will likely be lower by year-end.
The European Central Bank has signalled its intention to cut in June, assuming the data points in the right direction, and the BoE is gradually smoothing the way to its first cut.
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