-
US dollar firms, Yen skids as Fed cut wagers crumble
The dollar was firm on Thursday after hotter-than-expected U.S. inflation data squashed lingering expectations of the Fed starting its rate-cutting cycle in June, while the yen languished at the levels last seen in the middle of 1990. The yen's slide to a 34-year low of 153.24 per U.S. dollar on Wednesday brought intervention fears back as authorities in Tokyo reiterated that they would not rule out any steps to deal with excessive swings. "Recent moves are rapid. We'd like to respond appropriately to excessive moves, without ruling out any options," Japan's top currency diplomat Masato Kanda said. Japan intervened ... (full story)