The dollar shed some of its overnight gains against the yen on Wednesday, as investors made last-minute tweaks to positions ahead of a policy meeting expected to initiate a U.S. easing cycle. The Federal Reserve is expected to make its first interest rate cut in more than four years at 1800 GMT,

LONDON >> The dollar was lower today while the yen hit its highest level in more than a year, as market participants increasingly expected an oversized rate cut by the Federal Reserve later this week.

The yen surged to its highest level in a year, pushing the dollar into a corner as the market braces for a potential bombshell from the Federal Reserve