Dollar holds its ground as key inflation data looms

TOKYO : The dollar held tight ranges against most peers on Thursday as traders awaited key U.S. inflation data for cues on Federal Reserve policy, while the focus on the massive interest rate gap between Japan and the U.S. helped it make some gains on the yen.

Against the Japanese yen, the dollar slowly inched up after it fell more than 3 per cent last week, its biggest weekly percentage drop since early December 2022.

Traders remain wary of possible currency intervention by Tokyo, potentially triggering some sharp,"nervous moves" as the greenback edges higher, he added, likely keeping dollar/yen locked in the 155-160 range. Fed Bank of Boston President Susan Collins said overnight that the U.S. economy needs to cool to return inflation back to target.

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