Greenback grows versus yen having dropped on US political turmoil

Greenback grows versus yen having dropped on US political turmoil

On Monday, the major US currency ascended early Asia, drifting away from the four-month minimum versus the Japanese yen reached in the previous session on worries that White House personnel changes will affect Donald Trump's ability to pass tax reform as well as stimulus measures.

Market participants looked ahead to the Fed’s annual major banking symposium held in Jackson Hole, Wyoming, Thursday and Friday.

The evergreen buck gained 0.1% getting to 109.265 yen, having tumbled to 108.605 yen on Friday, which is its lowest reading since late April.

It definitely shrugged off the University of Michigan's consumer sentiment index that rose to its strongest value for seven months in August, showing confidence in the outlook for the American economy and also in personal finances because the American stock market holds close to record maximums.

Meanwhile, the single currency was intact on the day versus its key rivals at $1.1751 and 128.39 respectively.

 

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