The yen fell about 0.4% to briefly hit 120.08 per dollar in early Asia trade. It is down about 4% this month as leaping U.S. yields have lured flows from Japan.
U.S. bonds and interest-rate futures took a further flogging overnight after Powell said policymakers needed to move "expeditiously" and put the possibility of 50-basis point rate hikes on the table.Fed funds futures moved to price in an almost 2/3 chance of a 50 bp hike in May and now anticipate the benchmark rate - currently below 0.5% - exceeding 2.5% in 2023.
The moves lent broad strength to the dollar elsewhere, as have nerves about the intensifying war in Ukraine which is lifting oil prices back toward early-month highs.The U.S. dollar index rose 0.2% to 98.700. Sterling eased 0.2% to $1.3144.
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Source: WSJ - 🏆 98. / 63 Read more »