USDJPY eases off 2-week high, falls below 109 yen

The US dollar gave back gains on Wednesday, as the strengthening yen halted the greenback’s rise to a two-week high of 109.36 yen.

The Japanese currency was up 0.5 per cent, recovering a quarter of its declines over the previous two sessions. USDJPY fell to 108.60 yen.

The euro slipped about 0.3 percent to 123.90 yen after notching a two-week high of 124.415 overnight after bouncing off a three-year bottom of 121.48 on Friday.

The dollar index was 0.2 per cent weaker at 94.148, potentially spelling the end of a six-day win streak, as the stronger yen weighed on the USD.

Oil prices also turned back down, with Brent crude, the international benchmark, down 0.4 per cent at $45.34 a barrel and West Texas Intermediate, the US marker, down half of a percentage point at $44.43.

Brent rallied 4.3 per cent during Tuesday’s session — its biggest one-day gain since April 12 — over supply concerns in Nigeria, where vandalism of oil infrastructure has cut output to its lowest in more than two decades. Also of concern are disruptions caused by wildfires in Canada’s oil sands region.

Gold was 0.4 per cent higher at $1,270.50 an ounce.

The post USDJPY eases off 2-week high, falls below 109 yen appeared first on FXTM Blog.

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