By Ankur Banerjee
SINGAPORE (Reuters) -The dollar was firm on Thursday after hotter-than-expected U.S. inflation data squashed lingering expectations of the Fed starting its rate-cutting cycle in June, while the yen languished at the levels last seen in the middle of 1990.
Investor focus will now be on U.S. producer price data and the European Central Bank’s policy meeting later in the day.
The yen’s slide to a 34-year low of 153.24 per U.S. dollar on Wednesday brought intervention fears back as authorities in Tokyo reiterated that they would not rule out any steps to deal with excessive swings.
Japan intervened in the currency market three times in 2022 as the yen slid toward what was then a 32-year low of 152 to the dollar.
On Thursday, the yen strengthened 0.17% to 152.93 per dollar. That was just below the 153.24 level touched on Wednesday after data showed the U.S. consumer price…
