PT Solid Gold Berjangka | Battered Yen Pinned Near Multi-Decade Low Amid Resilient Dollar
DOLLAR Currency Yen USD/JPY, PT Solid Gold Berjangka Solid Group SG Berjangka PT SGB
Solid Gold Berjangka | The yen slumped to near a 38-year low on Thursday, struggling on the weak side of 160 per dollar, keeping the market on alert for signs of intervention from Japanese authorities to shore up the currency.
In the broader market, the dollar was on its front foot and stood near eight-week highs against a basket of currencies, but helped by some of the weaker yen, rising step by step with U.S. Treasury yields.
The yen rose 0.1 percent per dollar in the early session in Asia to 160.63, but remained slightly off Wednesday’s low of 160.88, its weakest level since 1986.
The Japanese currency has fallen by 2% for the month and 12% for the year against the resilient greenback as it continues to be hammered by the fierce interest rate gap between the United States and Japan, which maintains its appeal to use the yen as a currency to fund carry transactions.
Sterling struggled to break away from the one-month low of previous1.2616, hit the previous session and finally succumbed to a stronger dollar, buying stronger1.2622.
The euro, which similarly fell to its weakest level since the beginning of the month on Wednesday, was last 0.01% higher at 1.0680.
Meanwhile, the dollar index remained near a two-month high and stabilized at 106.05, gaining support from higher U.S. Treasury yields.
Source: Reuters