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Tuesday, 24 Aug 2010
Forex News: Yen Hits 15-Year High vs. USD
The yen struck a 15-year high against the dollar and a nine-year peak against the euro on Tuesday as investors tested the resolve of Japanese authorities to intervene and stem the yen's steady rise.
The yen rose as stop-loss sales were triggered in the euro/yen pair at around the 107 yen level amid talk of macro hedge-fund selling in the euro against the dollar.
Falls in stock markets also helped buoy the yen broadly on the crosses while narrowing yield differentials between U.S. Treasuries and Japanese government bonds dragged the U.S. dollar down against the yen.
