Dollar rebounds as Fed officials say hikes to continue; yen slumps

The greenback edged up against sterling and hovered more than 1% above its two-month trough to the euro after Fed Vice Chair Lael Brainard on Mondayweekend comments by Fed Governor Christopher Waller that interest rates need to keep rising to battle inflation, although potentially at a slower pace.

The dollar index , which measures the currency against six counterparts including the yen, euro and sterling, edged 0.03% higher to 107.00 early in the Asian day. The index held onto gains made on Monday when it rebounded from a three-month low of 106.27 hit on Friday.consumer pricesMoney markets are currently pricing in an 89% probability that the Federal Open Market Committee will slow the pace of hikes to a half point at its next meeting on Dec.

"Fed speaker have set the tone, reminding markets that there is still a lot of work to be done to bring inflation to heal," National Australia Bank senior FX strategist Rodrigo Catril wrote in a note to clients.The dollar gained 0.34% to 140.40 yen , adding to its 0.84% overnight rebound from a 2 1/2-month low of 138.46. It dropped 5.39% last week, the most in 14 years.The euro was little changed at $1.03215 following its retreat from a three-month high of $1.0364.

The risk-sensitive Australian dollar eased 0.13% to $0.66935, but stayed relatively close to Monday's nearly two-month peak of $0.6720, buoyed by key trading partner China's moves to

Set aside a market stabilization fund of $3.5 trillion to stabilize the $24 trillion Treasury market.

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