Dollar pushes towards fresh 24-year peak versus yen after US CPI shock - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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The dollar climbed close to a 24-year peak against the yen on Wednesday amid a jump in US yields after hotter-than-expected inflation boosted bets for even more aggressive monetary tightening by the Federal Reserve next week.

The dollar rose as high as 144.965 yen in the Asian session, taking it close to last Wednesday’s high of 144.99, a level not seen since August 1998, before last trading little changed at 144.56.

“Hence markets have decided that next week’s Fed decision is not between 50 and 75 , it’s now between 75 and 100.” “Markets under appreciate just how entrenched US inflation has become and the magnitude of response that will likely be required from the Fed to dislodge it,” they wrote in a note.

 

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