Dollar near five-year high to yen as U.S. yields surge on hawkish Fed

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Reuters UK

By Kevin Buckland TOKYO (Reuters) – The dollar hovered near a five-year high to the yen on Thursday, supported by a surge in U.S. Treasury yields on rising bets for a Federal Reserve rate hike by March. The greenback stood at 116.115 yen, little changed from Wednesday, when it rallied back toward Tuesday’s high of 116.355, lifted by more hawkish rhetoric from Fed official and a strong U.S. jobs report. Anticipation of faster policy tightening dented riskier assets, with the British pound retreating from a near two-month high and cryptocurrencies tumbling toward multi-month lows. Fed officials …

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