Dollar Strengthens, Yen Weakens Past 160 Amid Increased Fed Rate Hike Speculation

Following Federal Reserve Chair Warsh's hawkish comments, the U.S. dollar held steady near a two-week high. The yen, in particular, slipped back through the closely watched 160-per-dollar level, raising concerns about potential official intervention to support the Japanese currency. Emerging market currencies like the Thai baht and Indonesian rupiah are also facing pressure due to these heightened expectations of a Federal Reserve rate hike.