The greenback continued its rise versus the safe-haven yen, extending its best gain for six weeks, as US Treasury yields also rebounded after House Speaker Nancy Pelosi’s arrival in Taiwan was met with a strong, but not off-the-scale response by China.
The US dollar index, which gauges the currency against six major peers including the yen, was 0.05% higher at 106.50, after rebounding 1% overnight following its slide to a nearly one-month low at 105.03.Earlier in the day it had sunk to a nearly two-month low of 130.40. On Tuesday, San Francisco Fed President Mary Daly and Chicago Fed President Charles Evans signalled that they and their colleagues remain resolute and “completely united” over getting rates up to a level that will more significantly curb economic activity.
Traders now see a chance of about 44% that the Fed will hike by another 75 basis points at its next meeting in September.
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