The dollar edged higher on Monday in thin and choppy trading, in line with higher U.S. Treasury yields as investors braced for multiple half a percentage-point rate hikes this year from the Federal Reserve.
Volume was light on the day with Hong Kong, European, and Australia, and New Zealand markets closed for Easter Monday.
The U.S. rate futures market has priced in 96% chance of a 50 basis-point hike at next month's Fed policy meeting, and about 215 basis points in cumulative rate increases. At Monday's lows, the yen was nearly 10% weaker than where it was at the beginning of March. It fell nearly 2% against the dollar last week, marking a sixth straight losing week.
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