Greenback hits 10-month high against yen

Thursday, 20. February 2020 15:27

The United States dollar traded higher on Thursday against major currencies, reaching its highest level against the Japanese yen since April after President Donald Trump lifted trade optimism by saying that China agreed to import $50 billion in American farm products.

Yesterday, the Federal Open Market Committee claimed that the current stance of monetary policy "was appropriate" at the time of the previous meeting in January, adding that interest rates are likely to remain unchanged for a while. Meanwhile, Fed's Vice-Chairman Richard Clarida said he expects the US economy to remain solid in 2020, despite trade uncertainties and recent coronavirus concerns.

The dollar gained 0.76% to go for ¥112.0855 at 9:24 am ET while it rose 0.45% against the pound, trading for £0.77728 at the same time to hit a three-month high. Meanwhile, the euro was flat against the greenback, changing hands for €1.08133 at 9:26 am ET.

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Breaking the News / GA