The greenback pared gains after minutes from the last Federal Reserve meeting showed some dovish undertones.The greenback pared gains after minutes from the last Federal Reserve meeting showed some dovish undertones.
Several participants noted the importance of calibrating the pace of further tightening to mitigate the risk on the US economy, the minutes said. In the wake of the US PPI data, the greenback rose as high as 146.98 yen, its strongest since August 1998.Japan staged its first yen-buying intervention since 1998 on September 22, when the dollar was at 145.90 yen.
Officials have reiterated they stand ready to take appropriate steps to counter excessive currency moves, though whether they wish to defend particular levels is less clear.Long-dated gilt yields jumped again, with the 20-year hitting a 14-year high a day after BoE Governor Andrew Bailey reiterated late Tuesday that the central bank would end its emergency bond-buying programme on Friday, telling pension fund managers to finish rebalancing their positions by then.
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