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U.S. dollar hits five-week high vs. yen

U.S. dollar hits five-week high vs. yen

The U.S. dollar hit a five-week high against the yen in Asian trade yesterday amid mounting speculation that the U.S. Federal Reserve may signal a clearer timeframe for lifting its rock-bottom interest rates.
The dollar climbed to 92.33 yen briefly in Tokyo morning trade, the highest since Sept. 21, before trimming its gains on selling by Japanese exporters and profit-taking.
The dollar was changing hands at 92.05 yen in Tokyo afternoon trade, compared with 92.23 in New York late Monday. The euro gained to US$1.4902 from US$1.4863 and to 137.17 yen from 137.05.
"We view the dollar rally as broad, powerful and having further to run," said Societe Generale analyst Patrick Bennett.
The dollar was boosted by growing speculation that the Fed may be preparing to lay the groundwork for an eventual rate hike, dealers said.
Recent media reports said Fed officials may alter their language on monetary policy in a statement to issued at a meeting next week.
However, many players expect the dollar to remain weak in the long run as "the fundamental picture continues to be bullish for risk-correlated currencies," Barclays Capital analysts wrote in a note.
In regional Asian trade, the dollar climbed to 1,183.80 South Korean won from 1,177.90 a day earlier and to 9,537.00 Indonesian rupiah from 9,441.25.
The greenback rose to 47.08 Philippine pesos from 46.97 and to 1.3961 Singapore dollars from 1.3936 while holding steady at 33.41 Thai baht and at NT$32.36.


Updated : 2021-05-14 07:23 GMT+08:00