- July 11, 2022
- Posted by: Stratford Team
- Category: Economy
The dollar on Monday climbed to a 24-year high on the Japanese yen after Tokyo’s ruling conservative coalition’s strong poll performance signalled no change to loose monetary policies, amid global growth fears.
The dollar climbed to as high as 137.28 yen in morning trading, its highest since late 1998 before lightly paring those gains and was last up 0.6% at 136.93.
The dollar was also firm on the euro, which dropped 0.38% to $1.0144 heading back towards a 20-year intraday low hit Friday, leaving the dollar index up 0.4% at 107.3.
“The dollar is strengthening across the board but dollar-yen is leading the move,” Rodrigo Catril, a currency strategist at National Australia Bank, said.
He said investors’ move away from riskier assets had been supporting the dollar overall, while in Japan, Sunday’s election result indicating there would no change to the country’s expansionary economic policy would weigh on the yen.
The Bank of Japan’s…
