2024-04-03T05:03:26+00:00
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/ The dollar rose on Wednesday, keeping the yen near its lowest level in decades, although the increasing threat from Tokyo to intervene in the currency limited further declines in the Japanese currency.
The yuan stabilized after a private sector survey showed that growth in service activity in China accelerated in March, a sign that sentiment is witnessing a temporary recovery in the world’s second-largest economy.
The price of the yen in the latest transactions reached 151.585 yen to the dollar, approaching its lowest levels in 34 years recorded last month at 151.975 yen in the wake of the historic shift in the policy of the Bank of Japan.
Elsewhere, the euro rose 0.02% to $1.0772, and the British pound fell 0.08% to $1.25675.
The dollar, which on Tuesday touched its highest level in about five months at 105.10 against a basket of currencies, stabilized at 104.76 in the latest trading.
The dollar’s rise this week came on the back of another string of resilient US economic data, which showed manufacturing growth for the first time in a year and a half in March, and a larger-than-expected recovery in new orders for oil. Goods manufactured in the United States, as well as a labor market that remains flexible.
The Chinese yuan, which was shaken by the dollar’s recovery, reached 7.2341 to the dollar in the latest transactions in the local market, approaching the lowest level in four and a half months that it recorded on Tuesday.
Its counterpart abroad fell by 0.03% to 7.2572 per dollar.
The Australian dollar fell 0.12 percent to 0.65095 US dollars, while the New Zealand dollar fell 0.18 percent to 0.5959 US dollars.