Yen reaches record lows against dollar, euro amid broad currency movements
(MENAFN) On Wednesday, the yen plummeted to its lowest level against the dollar in 38 years and its lowest ever against the euro. This significant drop came as the dollar continued its decline against a basket of currencies, a trend that began on Tuesday following dovish remarks from Federal Reserve Chairman Jerome Powell. Powell's comments tempered the impact of a robust U.S. jobs report, leading to the weakening of the dollar.
The yen fell approximately 0.3 percent, reaching 161.94 against the dollar, a level not seen since December 1986. Against the euro, the yen hit an all-time low of 173.80. Meanwhile, the dollar index, which tracks the performance of the U.S. currency against a group of six major currencies, including the euro, pound, and yen, slipped by about 0.1 percent to 105.61.
In other currency movements, the euro gained 0.15 percent, reaching USD1.0761. The Australian dollar also saw an increase, rising 0.2 percent to USD0.668. Conversely, the yuan fell in offshore trading to an eight-month low, signaling a willingness from Chinese authorities to allow the currency to weaken. The yuan ended the local trading session at 7.2734 against the dollar, marking its weakest close since November 14.
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