Yen skids to four-year low

TOKYO (Reuters) – FX SIGNALS _ U.S. bonds drove currencies on Wednesday, with a rise in long-term rates pushing the dollar to an almost four-year high on the yen, but a decline in shorter-dated yields putting it on the back foot against most other major peers.

The dollar and yen were also under pressure from a global equity rally that sapped demand for assets regarded as safe havens.

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The dollar climbed as high as 114.585 yen for the first time since November 2017, with benchmark 10-year Treasury yields touching a fresh five-month high at 1.6630% in Asia. Higher long-term U.S. yields increase the allure of those assets to Japanese investors.

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The risk-sensitive Aussie and New Zealand dollars touched fresh multi-month highs on Wednesday, and cryptocurrency bitcoin hovered close to an all-time high. US Dollar index nears 3 year high vs Yen

“Risk sentiment remains in the ascendancy,” while “a fall-back in front-end U.S. yields, so symptomatic of a slight paring back in expectations for when Fed rates ‘lift-off’ might occur,” dealt the dollar a double-whammy, Ray Attrill, head of FX strategy at National Australia Bank (OTC:NABZY) in Sydney, wrote in a research note.

At the same time, markets are coming to “the – highly belated – realisation that whether the Fed raises (its policy) rate in 2022 or not until later, other central banks are getting in ahead of them … with the Bank of England likely next cab off the rank as early as next month, Dollar Hits One-Year High Versus Yen

The dollar index – which measures the greenback versus six rivals, including the yen – slipped 0.12% to 93.698, dropping back toward Tuesday’s low at 93.501, the weakest level this month.

Just last week it hit a one-year high of 94.563 as traders priced in a tapering of Fed stimulus as soon as next month, followed by rate hikes next year. EURJPY SIGNALS 23 02 2021

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Sterling rose 0.16% to $1.3810 after touching a one-month peak of $1.3834 in the previous session.

The Aussie traded 0.31% higher at $0.7500, after touching the highest since July 7 at $0.7505.

FOREX TRADING SIGNALS

New Zealand’s kiwi dollar climbed 0.32% to $0.7177, and earlier reached $0.7179 for the first time since June 11.

Bitcoin weakened slightly to just below $64,000 after touching a six-month high of $64,499 on Tuesday, close to its record peak at $64,895.22. US Dollar index Up Yen down to Three

In the equities space, Asia-Pacific stocks extended a global rally on Wednesday, with an index of regional shares adding 0.51%.

“The move in equities has seen the USD and JPY shunned,” Chris Weston, head of research at brokerage Pepperstone in Melbourne, wrote in a client note. Pound Skids to Three-Week Low

“It’s really just pick a JPY cross and see the ‘rip your face off’ move,” he said. “This is a momentum play here and timing the pullback in JPY crosses is key, but it doesn’t feel like we’re going to see a rush to cover JPY shorts anytime soon in this dynamic.”

Yen skids to four-year low

USDT is minted for crypto as $1M bounty

Yen skids to four-year low

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