Yen Hits 40-Year Low, PBOC Dollar Reference at 3-Year Low
The yen fell to fresh 40-year lows, while the PBOC set the dollar's reference rate at a three-year low. The FX market is quiet with a firmer dollar bias, and oil prices rise amid the widening Middle East conflict.
The Japanese yen sold off to new 40-year lows against the dollar. At the same time, the People's Bank of China set the dollar's reference rate at a three-year low, signaling continued weakness in the yuan.
Foreign exchange markets remain subdued, with the US dollar exhibiting a firmer tone across the board. The escalating war in the Middle East has pushed crude prices higher: September WTI futures reached $90 per barrel, and October Brent also advanced.
Traders are watching for further intervention risks from Japanese authorities as the yen continues its slide.
Source: FXStreet Forex News