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U.S. Dollar Gives Back Ground After Hitting 150 Yen

After seeing some strength overnight, the value of the U.S. dollar has moved modestly lower over the course of trading on Friday.

Currently, the U.S. dollar index is down 0.09 points or 0.1 percent at 106.16 after reaching a 106.42 in the early morning.

The greenback reached as high as 150 yen but has pulled back to 149.84 amid concerns about intervention by Japanese monetary officials. Against the euro, the dollar is valued at $1.0593 compared to yesterday’s $1.0582.

Traders also kept an eye on activity in the bond market, with treasury yields giving back ground after once again reaching their highest levels in over sixteen years on Thursday.

The recent advance by yields reflects continued worries about the outlook for interest rates, with the Federal Reserve signaling rates will remain higher for longer than previously anticipated.

During a speech on Thursday, Fed Chair Jerome Powell described inflation as “still too high” and warned additional monetary policy tightening may be needed.

Powell also reiterated Fed officials are willing to keeping policy restrictive until they are confident inflation is on a downward path.

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