Global dollar climbs to 38-year high against yen

Global dollar climbs to 38-year high against yen
Global dollar climbs to 38-year high against yen

The euro also strengthened against the Japanese currency following the victory of Marine Le Pen’s far-right National Rally (RN) in the first round.

Photo: Reuters

He dollar hit a new 38-year high on Monday against the and inwhile the yields of the Treasury bond In the long term, they rose sharply, which has kept investors on alert in the face of possible intervention by the Japanese authorities to strengthen their country’s currency.

The yen’s weakness was exacerbated by data showing the Japanese economy contracted more than initially expected in the first quarter. In afternoon trading, the dollar hit 161.72 yen, its highest level since 1986. It was last up 0.4% at 161.48 yen. The yen has fallen more than 12% this year.

The euro, meanwhile, rose on Monday after the convincing and historic victory of the far-right National Regrouping (RN) of Marine Le Pen in the first round of parliamentary elections he will be slightly below some previous polls, leaving the final result dependent on agreements between the parties before a second round next weekend.

The yen’s fall pushed the euro to a 32-year high of 173.68 yen. Elsewhere, the common European currency also rose against the dollar, up 0.2% to $1.0736. The euro’s rise briefly pushed the dollar lower against a basket of currencies, though the greenback was on the back foot after data on Friday showed the dollar was down 0.7% against the dollar. US inflation cooled in May, cementing expectations that the Federal Reserve will begin cutting interest rates later this year.

The dollar briefly retreated after U.S. manufacturing index fell to 48.5 in June, below expectations of 49.1, while U.S. construction spending in May also came in weaker than expected, falling 0.1% versus expectations for a 0.2% rise. dollar index fell 0.05% to 105.81.

The dollar reached an 8-month high in Uruguay after the internal elections

He dollar rose 0.10% in Uruguay after the internal elections, closing at 40.027 pesos, according to the official exchange rate. Central Bank of Uruguay (BCU)thus chaining two consecutive days of increases and entering the 40 pesos range for the first time this year.

The day after the formation of the different presidential formulas was announced, the US currency reached its highest value since November 2023 and has already accumulated a variation of 2.58% on an annual basis.

Source: Ambito

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