TOKYO, Nov 13 Reuters The Japanese yen hit a fresh oneyear low against the dollar on Monday, as traders awaited another batch of U.S. inflation data that is expected to offer further clues this week on whether the Federal Reserve has more work to do to tame price pressures.
The focus for most traders will be firmly on U.S. consumer price index CPI numbers due on Tuesday after the Fed39;s policy meeting this month tempered its hawkish stance although Fed Chair Jerome Powell last week hinted that the battle against inflation may not be over yet.
In addition to the data, more Fed speakers are lined up this week and are likely to echo Chair Powell in leaving the door open for further hikes, said Matt Simpson, senior market analyst at City Index.
Even if we39;re treated to a softer CPI print, the Fed are likely to continue to push back against hopes of rate cuts as it39;s not in their interest to even think about cutting rates, let alone mention it whilst inflation remains above target, he said.
Market reaction was muted to news announced shortly before foreign exchange trading closed in New York on Friday that Moody39;s lowered its outlook for the U.S. credit rating to negative.
The dollar index , which measures the dollar against a basket of currencies, was last mostly flat at 105.80.
There was little relief for the yen, however, which has come under pressure from rising U.S. Treasury yields and continued dollar strength.
The Japanese currency briefly touched 151.78…