US dollar hits two-week high against yen on US debt deal progress

15 October, 2013

The US dollar strengthened to its highest level in two weeks against the yen in early Asian session trading on Tuesday as risk sentiment gained on positive news on the US debt saga. 

The greenback was boosted by news in the prior US session on Monday that there was significant progress in the US budget negotiations and Washington lawmakers were close to making a deal before the debt ceiling will be reached on Thursday.

Senate Majority Leader Harry Reid said he was hopeful a deal could be announced very soon and even by today.

The dollar extended gains against the yen from the US session and USDJPY climbed to a peak of 98.69 yen in Asia before easing to 98.40 yen. 

Euro gave up some gains against the yen, after gaining 0.3 percent during Monday, with EURJPY dropping from a high of 133.81 yen down to 133.50 yen by the end of Asian trading.

Euro fell from Monday’s high of $1.3596, with EURUSD slipping down to an Asian session low of $1.3550 63. 

Gold moved off its Monday high of $1290 and fell to $1,270 as the US dollar strengthened. The two assets usually have an inverse price relationship.

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