Monday, March 4, 2024
HomecryptoJapanese Yen Weakens as Dollar Remains Buoyant on Treasury Yields Rise

Japanese Yen Weakens as Dollar Remains Buoyant on Treasury Yields Rise

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The dollar remains strong, reaching a near three-week high due to rising Treasury yields and decreased interest in riskier currencies. The Japanese yen briefly surged after surpassing 150.50 per dollar, raising concerns about possible intervention. However, analysts believe that the small move does not indicate intervention. Japanese Finance Minister Shunichi Suzuki warned against yen selling, stating that authorities were closely monitoring market movements. The Bank of Japan is under pressure to adjust its bond yield control in response to the recent surge in global interest rates. The widening gap between Japanese and US interest rates has made the yen vulnerable to short-selling. The US GDP data, to be released later, is expected to impact the dollar-yen exchange rate. Investors are also focused on the policy decision from the European Central Bank, with the euro touching a week low of $1.0533. The ECB is expected to keep interest rates unchanged and may discuss reducing its government debt portfolio. The British pound fell to a three-week low of $1.2070, while the Australian dollar reached a one-year low of $0.6271 following a higher-than-expected inflation reading. The New Zealand dollar also reached a near one-year low of $0.5774. The Canadian dollar fell by 0.1% against the US dollar after the Bank of Canada left its key overnight rate unchanged at 5.0%. In the cryptocurrency market, bitcoin rose by 0.6% to $34,714 amid speculation of an impending bitcoin exchange-traded fund.

Source: BBC News Style Guide

More detail via Yahoo! Finance here… ( Image via Yahoo! Finance )

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