The U.S. dollar was treading water against other major currencies on Wednesday as traders waited for the release of minutes from the Federal Reserve's last meeting that could offer clues to the outlook for interest rates.
expanded at the slowest pace in five months in June, the latest sign of a sputtering post-pandemic recovery in the world's second-largest economy.
Markets are pricing in an 86% chance that the Fed will raise rates by another quarter-point in July and a near-20% chance of another 25-basis point increase in September. The dollar-yen rate has broadly moved in synch with the U.S. 10-year Treasury yield , which was roughly unchanged on the day at 3.851% after resuming trade following Tuesday's Independence Day holiday.
RBC's Cole said his team's model had placed a 25% chance on there being intervention in the yen, though much would hinge on the pace of the currency's changes, rather than the level alone.
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