US dollar steady after Fed’s rate pause hints, yen rises

SINGAPORE, March 24 — The dollar was steady today near seven-week lows as nervousness over the banking system kept investors skittish and traders absorbed the Federal Reserve’s...

SINGAPORE, March 24 — The dollar was steady today near seven-week lows as nervousness over the banking system kept investors skittish and traders absorbed the Federal Reserve’s hints of a pause to interest rate hikes.

The Fed on Wednesday raised interest rates by 25 basis points, as expected, but took a cautious stance on outlook because of banking sector turmoil. Banking stocks have been battered in the last two weeks following the sudden failures of two US lenders and the emergency sale of embattled Swiss bank Credit Suisse to rival UBS.

With inflation still exceeding the Bank of Japan’s 2 per cent target, the data will keep alive market expectations of a near-term tweak to its bond yield control policy, according to analysts.

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