Economic news

Dollar surges to 16-month high, yen slides as BOJ keeps monetary policy

The Japanese yen dipped versus the dollar on Wednesday after the Bank of Japan signaled it was in no rush to wind off its massive stimulus, while the dollar touched 16-month highs against its major peers on extended firmness in the U.S. Economy.

Photo: Reuters

The yen hovered at 113.24 against the greenback, after earlier falling to three-week trough of 113.32.

The dollar index leaped to a fresh 16-month top to breach 97.06. The U.S. currency enjoyed solid U.S. economic figures as well as slide in the euro, which makes up around 58 percent of the index.

U.S. consumer confidence increased to an 18-year peak this month, supported mostly by a strong labor market, indicating at further solid economic growth.

The yuan was virtually unchanged in onshore trading at 6.9663, following its slump to its weak point in 10 years this week.

The Aussie dropped 0.3 percent to $0.7084 after the fresh inflation numbers reinforced anticipations of a far-off rate hike.

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