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TOKYO - The dollar stood just off its highest since early November against a handful of peer currencies on Tuesday, raising intervention worries as the yen languished at its lowest level since 1990 following hotter-than-expected U.S. retail sales.
Markets are now pricing in a 41% chance of the Fed cutting rates in July, compared with around 50% before the data, according to CME FedWatch tool. The likelihood of the first cut coming in September has bumped up to nearly 46%. The U.S. dollar index touched 106.27, the highest since Nov. 2, after the data. It last hovered around 106.23.
Japanese Finance Minister Shunichi Suzuki said on Tuesday he was closely watching currency moves and will take a"thorough response as needed" after the dollar surged to a fresh 34-year high.Despite verbal warnings,"the test of 155 seems too tempting," and market forces are likely to drive the currency pair higher, said City Index's Simpson.
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