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.
"With odds for a rate hike in March rising and the threat of QT this year, the USD should maintain resilient form," TD Securities strategists wrote in a report.
The U.S. dollar index , which measures the currency against the yen and five other major peers, was about flat at 96.209 from Wednesday, when it rebounded from intraday losses as steep as 0.44% following release of the minutes. Despite an ever-more-hawkish Fed over recent months, which signalled three quarter-point rate increases for this year at its December policy meeting, gains for the dollar index have stagnated since hitting a 16-month high at 96.938 in late November.
The euro stood at $1.1310 as it continued to consolidate in the middle of its trading range since mid-November. It dipped as low as $1.1186 on Nov. 24 for the first time since July 2020.
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