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The Yen Rose Against The Dollar To Its Highest Since March 2018

The Yen Rose Against The Dollar To Its Highest Since March 2018

The yen rose on Tuesday evening against the dollar to the highest since March 28, 2018, on strong macroeconomic statistics from China, according to trading data.

As of 18.23 Moscow time, the Euro-dollar exchange rate fell to 1.1848 dollars from the previous closing level of 1.1868 dollars per Euro. The dollar-yen exchange rate fell to 105.48 yen from 105.72 yen at the previous close. During trading, the dollar fell to 105.3 yen against the yen, which is the lowest since March 28, 2018. The dollar index (the dollar exchange rate against a basket of currencies of six countries — the main trading partners of the United States) rose by 0.07% to 93.12 points.

The yen was supported by strong statistics from China, which helped improve the mood of investors, whose concerns about the state of the economy have eased. According to data published by the state statistics Bureau of China, industrial production in the country in August increased by 5.6% in annual terms against 4.8% in July. At the same time, analysts expected an increase of 5.1%.

"Overall, the latest monthly data on business activity is encouraging, which is a positive sign that this cyclical momentum in China will continue until the end of this year," Reuters quoted MUFG currency strategist Lee Hardman as saying.

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