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The greenback touched the highest level in 1 month versus the yen

By Rana Gharib
17 Apr,2023
The greenback touched the highest level in 1 month versus the yen

In spite of the Bank of Japan continuing its loosened money policies, the greenback ticked up to a one-month high versus the yen on Monday as traders anticipated another interest rate increase from the Federal Reserve.

The dollar index that gauges the greenback versus its major pairs, remained largely unchanged at 101.64. On Friday, it reached a one-year low of 100.78 before starting to somewhat recover.

A currency will often strengthen if investors believe that interest rates will be higher than those of their global rivals, and the reverse is also true.

Kazuo Ueda, the newly appointed governor of the Bank of Japan, stated this week that the nation would continue to be a "dovish" outlier by maintaining ultra-low interest rates for the time being.

EUR/USD muted at $1.098.

GBP/USD slumped by 0.07% to $1.241, post touching the highest level in 10 months at $1.255 on Friday.

USD/JPY rose 0.2% to 133.99.

 

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