Yen Fell to the Lowest Point Against the U.S. Dollar 

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The U.S. dollar declined. What about Japanese Yen and Euro?

The Japanese yen is struggling to deal with challenges. It fell to the lowest level versus the U.S. dollar on Tuesday, before steadying as traders doubled down on expectations U.S. rates will rise well ahead of pears, while assuming the Bank of Japan would be among the last major central banks to raise rates.

On Monday, the yen had its worst session in five months. It fell further to 113.49 per dollar in early trade, its worst result since December 2018, before steadying to 113.33. 

The yen also stayed in sight of multi-month lows against other majors. The British pound, the Australian dollar, as well as the Euro were close to their best results against the yen in several months on Monday. The Aussie enjoyed its best session against the Japanese currency in eleven months.

Dollar, yen, and interesting details 

The Japanese currency’s problems helped the greenback stay strong against a basket of major peers. 

The dollar index, which tracks the U.S. currency against a basket of main currencies, was at 94.33. It was not far from its one-year high of 94.504. The index reached 94.504 at the end of September.

The British pound rose to its highest point in two weeks thanks to rising inflation concerns and the potential action by the central bank. One day earlier, the British pound rose to $1.3596 before easing back slightly to last change hands at $1.3598.

The single currency however stayed pinned near its lowest levels in a year. It stood at $1.1559. 

The South Korean won dropped to 1,200 per dollar for the first time in more than a year. The won declined after the Bank of Korea made the decision to keep interest rates steady, taking a breather after hiking in August. 

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