Forex Alert: Dollar hits 15-month low vs. yen, some see further slide
The dollar extended its losses against the yen and hit a fresh 15-month low, with market participants bracing for further near-term weakness in the U.S. currency. The dollar dropped below Wednesday's level of 106.725 yen and fell as low as 106.42 yen, its weakest level since November 2016. That marked a drop of 3.7 percent from its early February peak near 110.50 yen. Some market participants said speculative buying of the yen initially helped drag the dollar lower, with stop-loss dollar selling later adding to the fall against the Japanese currency. On Wednesday, the dollar gained a lift after a stronger-than-expected rise in U.S. consumer prices in January bolstered bets that the Federal Reserve might raise interest rates four times in 2018. But that gain for the dollar proved short-lived, and the greenback ended up retreating broadly against major peers despite the change in expectations for U.S. interest rates.
Source : Investing
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