Solid Gold Berjangka | Yen Breaks Above 145/dlr Level in Choppy Trading, Dollar Firm

02:46 14 August in Commodity, SOLID GOLD BERJANGKA | SOLID GROUP

The yen was volatile on Monday after slipping to its lowest for the year against the dollar, breaching the key 145 level as traders warily looked for clues on possible intervention, while the dollar rose to touch a more than one month high.

The Japanese yen weakened to as low as 145.22 per dollar in early Asian hours, its lowest since Nov. 10 2022 before quickly reversing course. It was last at 144.96 per dollar, flat on the day.

Japan’s low yields have made the currency an easy target for short-sellers and funding trades, with the widening gap in the interest rates between Japan and the United States leading to persistent weakness in the yen.

The yen has fallen around 20% since the Federal Reserve began rapidly raising rates to combat soaring inflation in March 2022, while the Bank of Japan remains stuck in an extremely accommodating stance.

The dollar index , which measures the U.S. currency against six peers, tacked on 0.078% at 102.94, its highest since July 7. The index is up 1% for the month.

The euro was down 0.09% to $1.0934, while sterling was last at $1.2676, down 0.14% on the day

The Australian dollar fell 0.48% to $0.647, while the kiwi slipped 0.38% to $0.596. Both Antipodean currencies have been undermined by disappointing trade and inflation data from China, the biggest buyer of their resource exports.

Source : Reuters

DOLLAR Currency Yen USD/JPY,

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