Currency Updates

Category:-Metal | 20-Jan-2023 10:16 AM

The dollar rose broadly on Thursday as growth concerns about the U.S. economy drove demand for the safe-haven greenback, while the yen renewed its ascent as investors doubled down on bets that the Bank of Japan would shift away from its yield curve control policy.

Weak U.S. data released on Wednesday showed that U.S. retail sales fell by the most in a year in December and manufacturing output recorded its biggest drop in nearly two years, stoking fears that the world’s largest economy is headed for a recession.

The fresh wave of risk aversion - compounded by news of job cuts by tech giants Microsoft and Amazon - also kept the dollar in bid.

However, the greenback failed to eke out a gain against the Japanese yen and was last 0.4% lower at 128.42 yen, unwinding most of its previous day’s rally in the immediate aftermath of the BOJ’s decision to stand pat on its ultra-loose monetary policy.

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