Dollar Climbs To Five Year High Against The Yen – 10 March, 2022

A strong U.S. inflation report pushed the dollar to a five year high against the yen, while the euro had a tough time holding its own as a hawkish turn from the European Central Bank was offset by growth risks emanating from the Ukraine crisis. The dollar was as high as 116.39 yen, its best since January 2017, while the British pound was down at $1.3089, having tumbled 0.8% overnight to a 16 month-low. Against the Japanese yen, the dollar has gained 1.3% this week, and both the sterling and euro have been hurt by the impact of the conflict in Ukraine and resulting higher energy prices. The euro last stood at $1.1010 finishing 0.8% lower the previous session, though in the course of the day it had risen to as high as $1.112 and dropped as low as 1.0975. The Aussie was at 0.734 having risen 0.49% overnight, while the kiwi was at 0.6854 after a 0.36% overnight gain.