A Bloomberg gauge of the dollar rose late in New York trading alongside Treasury yields as investors look to the release of CPI data this week to gauge the Fed's rate-cutting path. Earlier, the yen rallied on a report that Bank of Japan officials may raise interest rates again this year regardless of domestic political instability.
The Bloomberg Dollar Spot Index gains 0.2%, earlier whipsawing after release of preliminary payroll revisions.
USD/JPY drops as much as 0.8% to 146.31, the lowest since Aug. 14, then erases most of the decline.
Liberal Democratic Party lawmaker Kono Taro said the Bank of Japan should raise its benchmark interest rate to fight inflation and support the yen.
EUR/USD falls 0.5% to 1.1706; it rose earlier to 1.1780, its strongest level since late July.
Demand from hedge funds seen for short-dated topside exposure, mainly in the form of call spreads and RKOs, according to Europe-based traders.
Source: Bloomberg
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