While the greenback could remain under some pressure for a second consecutive session against a basket of major currencies, it still hovers near its five-month highs following recent remarks from Federal Reserve Chair Jerome Powell suggesting no urgency in cutting interest rates.
The market continues to assess the U.S. interest rate outlook following comments from Federal Reserve officials, which reinforced expectations of an ongoing tight monetary policy.
The yen found some support as the country's top currency diplomat emphasized the G7's commitment to mitigating excessive currency volatility, potentially leading to yen support and intervention risks from Japanese authorities near the 155 level against the dollar.
Volatility in the yen may increase with the release of Japan's inflation data, with a forecasted decrease to 2.7% for March. If the figures fall below the consensus, the yen could face further downward pressure.
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