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4 Jan 2022

Dollar Hits Strongest Level in Five-Year vs Yen Lifted by U.S. Treasury Yields

The Index Today

On Tuesday, the U.S. dollar reached its strongest level in nearly five years against the Japanese yen boosted by a jump in the U.S. Treasury yields as most of the traders bet on an early Federal Reserve interest rate hike despite the surging COVID-19 cases with the new Omicron variant.

According to the present forex data, the dollar rose as high as 115.815 yen (Jan 04, 2022 01:15AM ET) for the first time since Jan. 11, 2017, as long-term Treasury yields leapt 12.5 basis points overnight to touch 1.6420% for the first time since Nov. 24. The dollar index, which measures the currency against the yen and five other major peers, held close to the one-week high of 96.328 reached on Monday.

Meanwhile, the euro currency traded at $1.1302, lifting off the one-week low of $1.12795 from overnight.

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