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THE US dollar slipped against most major currencies on Friday (May 24) as traders booked profits after recent gains but the US currency remained well-placed for further advances, supported by strong US economic data that has prompted markets to dial back expectations for interest rate cuts.

The dollar slipped against major currencies on Friday, but remains well-placed for further advances supported by strong U.S. economic data. Markets dial back expectations for interest rate cuts as U.S. business activity accelerates and input prices surge, prompting a debate among policymakers on inflation control.

Against other currencies, the greenback was slight up ahead of the U.S. Memorial Day holiday next week.

The U.S. dollar edged up against the euro on Tuesday, as Federal Reserve policymakers said it is prudent for the U.S. central bank to wait several more months to ensure that inflation really is back... -May 21, 2024 at 03:30 pm EDT - MarketScreener

The U.S. dollar edged up against the euro and remained stable against other currencies as the Federal Reserve advocates for a cautious approach to interest rate cuts. Meanwhile, cryptocurrencies like ether and bitcoin experienced significant gains, sparking investor interest.

GLOBAL-FOREX:Yen tumbles as markets on alert for Japan action; dollar falls after data

The yen dropped to multi-year lows against the U.S. dollar and euro on Tuesday, keeping investors on heightened Japanese intervention watch ahead of this weeks Bank of Japan policy meeting. ... -April 23, 2024 at 03:21 pm EDT - MarketScreener

The yen plunged through a level that Wall Street has warned could push Japanese authorities to step into the market to support the currency and then kept on going.

The U.S. dollar fluctuated last week as traders digested a mixed bag of economic data, with a slowdown in services growth followed by unexpectedly strong hiring numbers that prompted the market to pare bets on Federal Reserve rate cuts this year.

By Ruth Carson, Carter Johnson, Anya Andrianova & Naomi Tajitsu | Bloomberg News Aresurgent US dollar is exasperating central bankers and governments around the world, forcing them into action to relieve the pressure on their own currencies. From Tokyo to Istanbul, policymakers are stepping in to defend exchange rates with…