"A one-two punch from Jay Powell's FOMC presser and a very strong nonfarm payrolls report have essentially closed the door on a March rate cut," said Chris Weston, head of research at Pepperstone.
The Japanese yen was last 0.15% lower at 148.58 per dollar, having hit a trough of 148.82 earlier in the session.
Treasury yields also jumped on expectations of higher-for-longer U.S. rates, with the two-year yield, which typically reflects near-term interest rate expectations, last up nearly seven bps at 4.4386%.
That did little to help the yuan, with the offshore yuan last marginally lower at 7.2182 per dollar, pressured by a stronger greenback.
"So far we've just seen speculation and some media reports talking about further support for the equity market or the property market.
Persons:
Jerome Powell's, Jay Powell's FOMC presser, Chris Weston, Powell, Carol Kong, CBA's
Organizations:
Federal Reserve, New, Traders, Fed, CBS, Sterling, Commonwealth Bank of Australia, Treasury
Locations:
Buenos Aires, Argentina, New Zealand