Dollar Slips against Yen

The dollar sank to a three-week trough against the yen on Monday as Federal Reserve Chair Jerome Powell's emphatic dovish shift contrasted sharply with Bank of Japan chief Kazuo Ueda's steadfastly hawkish tone. The US currency hovered near its lowest in 13 months against the euro, and sagged closer to levels last seen in March 2022 versus sterling, with Bank of England head Andrew Bailey's comments that it was "too early to declare victory" over inflation signaling a less aggressive stance on interest rate cuts than the Fed. The dollar index - which measures the currency against a basket of six major peers, including the euro, sterling, yen and Swiss franc - languished at 100.69. The dollar slumped as much 0.66% to 143.45 yen. Sterling eased slightly to $1.31995 after jumping as high as $1.32295. The Swissie edged up about 0.1% to 0.8472 per dollar. The Chinese yuan ticked down slightly to 7.1202 per dollar Elsewhere, the Australian dollar retreated 0.31% to $0.6776. Leading cryptocurrency bitcoin added 0.4% to $63,960. Source: Qatar News Agency