Dollar wallows near 6-week low to yen on view Fed to slow hikes

Published by
Reuters UK

By Kevin Buckland TOKYO (Reuters) – The dollar languished near a six-week low to the yen amid a sharp retreat in Treasury yields after investors interpreted a shrinking U.S. economy as one more reason for the Federal Reserve to ease its foot off the tightening pedal. U.S. second-quarter gross domestic product (GDP) contracted at a 0.9% annualized rate, according to the Commerce Department’s advance estimate, released Thursday. That followed a first-quarter contraction of 1.6%. Money markets currently give 76% odds that the Fed will slow the pace of rate hikes to half a point at the next meetin…

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