The US dollar reached its highest level in nearly five years against the Japanese yen
The US dollar reached its highest level in nearly five years against the Japanese yen on Tuesday after a jump in Treasury yields boosted it as traders bet the Federal Reserve will raise interest rates early despite the rise in Covid-19 infections.
The dollar rose to its highest level against the yen at 115,815 yen for the first time since January 11, 2017, after long-term Treasury yields jumped 12.5 basis points overnight to 1.6420 percent for the first time since November 24.
The dollar index settled near a one-week high of 96.328 reached on Monday.
The price of the euro reached 1.1302 dollars, up from its lowest level in a week, when it recorded 1.12795 dollars during the night.
The British pound fell to 1.34685 dollars, recording 1.3431 dollars, a level not seen since November 29.
The Australian dollar traded near its lowest level in two weeks at $0.7184, which it reached in the previous session.