2024-02-13T04:49:32+00:00
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/ The dollar approached the important psychological level of 150 yen on Tuesday, and stabilized broadly ahead of a key reading of inflation in the United States due later on Tuesday, while the cryptocurrency Bitcoin hovered around the $50,000 level for the second day in a row.
Trading was largely subdued in early Asian trade, with markets in China and Hong Kong still closed for the Lunar New Year holiday, while traders braced for U.S. consumer price data in the world’s largest economy on Tuesday.
The dollar was last at 149.39 yen and rose further towards the closely watched 150 level, which analysts said would likely lead to more comments from Japanese officials seeking to support the currency.
The yen, which has already fallen more than 5 percent against the dollar since the start of the year, has been under continued pressure as investors’ expectations for the size and pace of the Federal Reserve’s monetary easing cycle have declined.
The euro fell 0.03 percent to $1.0768, while the British pound fell 0.07 percent to $1.2620.
The Australian dollar also fell 0.08 percent to $0.6526.
Against a basket of currencies, the dollar rose 0.02 percent to 104.16. The New Zealand dollar fell 0.11 percent to $0.6121.
As for cryptocurrencies, Bitcoin rose 0.64 percent to $50,155, after crossing the $50,000 level for the first time in more than two years on Monday.