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NEW YORK, May 6 - The dollar fell against most currencies on Monday for a fourth straight session as recent labor market data and comments from Federal Reserve officials buoyed rate-cut hopes, but the greenback strengthened against the yen after last week's suspected interventions.
Richmond Fed President Thomas Barkin said the current level of interest rates is restrictive enough to cool the economy to bring inflation back to the central bank's 2% target. "The labor market is evidently more loose now than it was a year ago, but at the same time, these guys who are more hawkish could easily build arguments to make a case for higher for longer," he said.The yen was weaker against the greenback after last week notching its strongest weekly gain since early December 2022, following two rounds of suspected intervention from the Bank of Japan to pull the currency away from a 34-year low of 160.245 per dollar. The yen gained 3.5% in the week.
Barclays analysts said the interventions will do"little more than delay the eventual" move higher in the dollar.
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