The dollar strengthened in recent trading as it recovered from a sharp selloff seen earlier in the week after US President Donald Trump nominated former Federal Reserve Board member Kevin Warsh to be the next chairman of the Fed.
currency basket
The dollar index, which measures the performance of the U.S. currency against a basket of currencies including the yen and euro, rose 0.79% to 96.93 points, while the euro fell 0.79% to $1.1874.
The dollar strengthened after statistics showed that U.S. producer prices rose more than expected in December last year. Companies appear to be passing on the higher costs of import duties to consumers.
weekly losses
The yen fell 0.89% against the US dollar, to 154.49 yen per dollar. However, the dollar is still on track to record a weekly loss of the equivalent of 0.8% against the Japanese currency.
The yen rose sharply last week after Japanese policymakers signaled the possibility of intervening in foreign exchange markets along with the United States to support the currency. It has fallen to its lowest level in about 18 months.
The dollar rose in recent trading as it rebounded from a sharp selloff earlier in the week after US President Donald Trump nominated former Federal Reserve member Kevin Warsh to be the next chairman of the Fed.
currency basket
The dollar index, which measures the performance of the U.S. currency against a basket of currencies including the yen and euro, rose 0.79% to 96.93 points, while the euro fell 0.79% to $1.1874.
The dollar strengthened after data showed U.S. producer prices rose more than expected in December. Companies appear to have passed on the higher costs of import duties to consumers.
weekly loss
The yen fell by 0.89% against the US dollar, to 154.49 yen per dollar. However, the dollar is still on track to record a weekly decline of 0.8% against the Japanese currency.
The yen rose sharply last week after Japanese policymakers signaled the possibility of intervening in currency markets along with the United States to support the yen, which has fallen to its lowest level in about a year and a half.
