The US Dollar regains ground in the closing of yesterday’s trading in Tokyo, Japan. Forbes.com revealed, based on what dealers said, that the US dollar firmed again against the yen in early afternoon trade after an earlier bout of profit taking had briefly arrested its upward rise.
"The US unit had eased back after hitting a fresh 27-month high of 11.92 yen in overnight trade in New York…the dollar was at 118.92 yen, up from 118.86 yen in early Sydney but up from 1.1710 in New York," the website added.
According to Forbes.Com, the US Dollar’s return to the top slot was driven by comments from US Federal Reserve Chair nominee Ben Bernanke on fighting the inflation, aired to the Senate committee also yesterday.
Another factor behind this increase is the continued positive confidence of investors on the continuing wide interest rate differentials between US and Japanese assets. Currently, the Japanese Prime Minister has put an end to their central bank’s extra loose monetary policy.
(Highlights of Forex- US Dollar Firms Again In Tokyo Trade After Earlier Profit Taking, Forbes.Com)
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