Dollar Hits 11 Month High Against Yen – 3 October, 2018

The dollar rose against the yen to an 11 month high at 114.55 yen before settling at 114.345 yen. Against a basket of six major currencies, the dollar index was 0.35 percent higher at 96.086, just under a six week peak when it hit 96.116 percent overnight. The euro was down another 0.05 to $1.1469 after dipping 0.6 percent the day before. The pound fell to a three week low of $1.2925 overnight before rising back up to $1.2925. Federal Reserve Chairman Jerome Powell’s comments on the “remarkably positive” U.S. economy and a possible central bank interest raise above the estimated neutral setting helped boost the dollar against the yen.