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Islanders flock to Charlottetown Flea Market for affordable finds amid rising costs | SaltWireTOKYO -The yen slid against the dollar on Thursday, reversing direction after a sudden surge overnight that traders and analysts were quick to attribute to intervention by Japanese authorities.
"It caught markets off guard because, obviously, it happened in the U.S. session and seemed to be timed with the FOMC to take advantage of a weaker dollar," said Kyle Rodda, senior financial market analyst at Capital.com in Melbourne. The dollar remains up more than 10% against the yen this year, as traders push back expectations on the timing of a first Fed rate cut, while the Bank of Japan has signalled it will go slow with further policy tightening after raising rates for the first time since 2007 in March.
The dollar index, which measures the currency against the yen, euro, sterling and three other major peers, ticked up 0.07% to 105.78 on Thursday, following a 0.56% retreat on Wednesday from near six-month highs.Sterling gained 0.08% to $1.25365, adding to Wednesday's 0.28% rise.
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