Greenback drops to lowest vs yen since November

Greenback drops to lowest vs yen since November

On Monday, the major US currency declined to its lowest value against the Japanese yen since late November in Asia on heightened political risk worries as a Republican-controlled Congress as well as presidency are actually in focus to deliver on economic plans for tax drops and spending following a failed attempt to reform healthcare.

The US dollar index, tracking the greenback’s actual value against a trade-weighted basket of six crucial currencies, dived 0.47%, trading at 99.12.

In Japan, the corporate services price index inched up 0.8% year-on-year, thus ruining an expected 0.5% surge.

The currency pair USD/JPY showed 110.36, sliding 0.91%, AUD/USD hit 0.7624, standing still.

Meanwhile, Prime Minister Theresa May is going to set out how her government intends to restore sovereignty over the UK’s laws on Thursday, releasing a detailed paper on ceasing the supremacy of EU lawmakers.

The currency pair GBP/USD hit 1.2520, jumping 0.38%.

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