Dollar hits 2-month high in 159 yen as U.S. rate cut expectations dip

The U.S. dollar struck a two-month high in the lower 159 yen range in Tokyo on Friday after comments from a Federal Reserve official reduced expectations that the central bank will cut interest rates soon.The rise came after the official expressed the view that U.S. inflation could remain above the central bank's 2 percent target for another one to two years. Investors have been selling the yen for the dollar amid a wide interest rate differential between Japan and the United States.The dollar rose as high as 159.12 yen before fetching 158.76-79 yen at 5 p.m. compared with 158.90-159.00 yen…READ FULL ARTICLE