Yen Posting 6-month High Against USD, Eyes on Fed

The yen hit a six-month high against the US dollar on Monday, September 21, posting gains for the sixth consecutive session against the US currency as stock markets tumbled.

US stocks closed lower on Friday, and stock markets fell in Asia and Europe today, amid growing investor concern about the chances of a global recovery in light of the threat of imposing new measures to counter the growing number of Covid-19 infections.

In early London trade, the Japanese currency was at 104.065 yen to the dollar, up by 0.5%.

This is the highest level since March 12th. During the past six sessions, the yen gained 2% against the dollar.

The dollar settled against a basket of currencies. The direction of the dollar this week will be influenced by the words of members of the US Federal Reserve that may shed light on the central bank’s approach to inflation.

The euro fell 0.05% to $ 1.1833, while the pound gave up 0.1%, recording $ 1.2903.