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USD/JPY hits 40-year highs as safe-haven demand lifts the dollar
USD/JPY last traded around 163.19, just below a multi-decade peak of 163.24, as traders buy the greenback on safe-haven appeal amid US-Iran tensions.
The USD/JPY extended its advance on Tuesday, pushing above 163.00 to fresh 40-year highs, with the pair last seen around 163.19, just short of a multi-decade high near 163.24, according to FXStreet. FXStreet links the move to a broader rush into the US dollar as a safe haven, with the outlet pointing to ongoing US and Iran tensions and noting speculation that Washington and Tehran could reach a deal, even as traders remain skeptical. Beyond the geopolitical backdrop, the dollar trade is also reflected in the US Dollar Index, which FXStreet says rose 0.19% to 101.18, setting five-day highs. On the horizon, FXStreet cites the Japanese Merchandise Trade Balance for June, followed by Japan’s inflation report, as well as US Initial Jobless Claims data on July 23 and the Federal Reserve’s monetary policy decision next week, with FXStreet also flagging the 160.00 level as an area that could spur intervention if USD/JPY moves much higher.
Latest closeUSD/JPY 162.33 ▲0.2%|Dollar index 100.71 ▲0.2%