Dollar shines against battered yen

August 17, 2023 / 7:37 PM
Sharjah 24 – Reuters: The dollar pushed the yen deeper into intervention territory on Thursday as a resilient US economy underscored the need for higher-for-longer interest rates, contrasting with a still strikingly dovish Bank of Japan.
The yen weakened to 146.565 per dollar, its lowest level since November, having come under renewed pressure because of interest rate differentials between the US and Japan's ultra-low rate environment. It last bought 146.37 per dollar.

The Japanese currency has come under close watch since it touched the key 145 per dollar level for the first time in about nine months last Friday, crossing into a zone that sparked an intervention by Japanese authorities in September and October last year.

Meanwhile, the dollar has drawn support from a recent run of resilient U.S. economic data, which reinforced the view that interest rates will remain at restrictive levels for some time.
August 17, 2023 / 7:37 PM

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