Dollar Hits One-Year High Versus Yen

FX Signals / The dollar edged higher in early European trading Tuesday, hitting a one-year high versus the Japanese yen, as U.S. Treasury yields started climbing again on inflation concerns.

At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.1% at 93.052, a new 4-1/2-month high.

Most of the greenback’s move higher Tuesday has been against the yen, with USD/JPY up 0.3% at 110.15, moving above 110 for the first time since March of last year, with this pair particularly sensitive to movements in U.S. Treasury yields.

EUR/USD fell 0.1% to 1.1749, at a 4-1/2-month low, on course to fall by around 2.5% this month, the most since mid-2019, as rising Covid-19 cases and renewed lockdowns in the likes of France and Germany dim the short-term outlook for the European economy.

Euro set for biggest monthly drop

“The EUR/USD bounce failed to make much progress on Friday, probably leaving it vulnerable to 1.1700 this week,” said analysts at ING, in a research note.

Dollar firms after U.S. yield spike

That said, most eyes will be on the monthly U.S. nonfarm payrolls report, released on Good Friday, with Federal Reserve policymakers continuing to cite weakness in the labor market for their continued accommodative monetary policy stance.

US Dollar Gains Risk Sentiment Hit by Equity

Forex – Yen Begins to Feel Coronavirus Heat

This follows President Recep Tayyip Erdogan sacking hawkish former governor Naci Agbal earlier this month and appointing Sahap Kavcioglu, raising fears that the country will return to unorthodox methods to tackle high inflation.

Dollar Hits One-Year High Versus Yen

FX Signals – Dollar climbs against yen

Dollar Hits One-Year High Versus Yen

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Dollar Hits One-Year High Versus Yen