The dollar was lord of all it surveyed on Wednesday, at a fresh 24-year peak on the rate-sensitive yen and retesting multi year highs on the euro and sterling as economic problems in Europe contrasted with a strong U.S. economy.
The dollar soared as high as 144.99 yen , up 1.5%, hitting the level for the first time since August 1998. It is now within a large leap of its 1998 high of 147.43.
In contrast, a report overnight showed the U.S. services industry unexpectedly picked up last month, supporting the view that the economy is not in recession and giving the Fed leeway for another 75-basis-point rate rise on Sept. 21.But the moves were most dramatic for the yen, whose tumble, even by its own recent standards, has been precipitous. The dollar has climbed 4.2% from 138.96 yen just since the end of August.
Japan's top government spokesperson, Chief Cabinet Secretary Hirokazu Matsuno, told a news briefing that the administration would like to take necessary steps if "rapid, one-sided" moves in currency markets continue, ratcheting up the rhetoric."Foreign central banks are prioritising dealing with inflation, and cannot afford to worry about exchange rate fluctuations," said Rikiya Takebe, senior strategist at Okasan Securities.
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