Dollar ascendant as Fed cut bets pared, jawboning props up yen

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Dollar ascendant as Fed cut bets pared, jawboning props up yen
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Barley Risotto and Kimchi: A Culinary Crossroads| SaltWire #food #cookingshorts #kimchiTOKYO - The U.S. dollar hovered near a 4-1/2-month high against major peers on Tuesday as traders rushed to push back bets for the Federal Reserve's first interest rate cut this year.

The dollar index, which measures the currency against the yen, euro, sterling and three other peers, edged 0.02% higher to 105.02, following a 0.51% rally to as high as 105.07 on Monday. It reached a 34-year trough of 151.975 last week, spurring Japan to step up warnings of intervention. On Tuesday, Finance Minister Shunichi Suzuki reiterated that he wouldn't rule out any options to respond to disorderly currency moves.The yen's slide has come despite the Bank of Japan's first interest rate hike since 2007 last month, with officials cautious about further tightening amid a fragile exit from decades of deflation.

Elsewhere, the Australian dollar was flat at $0.6489, after skidding to a nearly one-month low of $0.64815 on Monday.

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