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16 Mar 2022

Dollar Drops, Reaches Five-Year High against Yen amid Impending Fed Verdict

The Index Today

The dollar edged lower in Asia on Wednesday morning even as it approached a five-year high against the Japanese yen. This comes as investors anticipate the U.S. Federal Reserve’s decision on monetary policy while looking at the economic impact of the Ukraine-Russia crisis and China’s present COVID-19 surge.

The U.S. Dollar Index dipped by 0.21% to 98.860 by 11:38 pm ET (3:38 am GMT). The USD/JPY pair lowered by 0.01% to 118.27, a marked high for the dollar since 2017. The AUD/USD pair rose by 0.08% to 0.7202 while the NZD/USD pair dropped by 0.03% to 0.6767. The GBP/USD pair inched up by 0.12% to 1.3053 while the USD/CNY pair declined by 0.17% to 6.3598.

The euro has been extending its recovery from its 22-month low after it climbed by 0.14% to $1.09695.

National Australia Bank’s Head of FX Strategy Ray Attrill said to Reuters, "Whether it's forlorn or otherwise, there does seem to be some enduring optimism coming from the fact that Russia and the Ukraine are still talking."

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