Greenback surges against yen after Fed's Dudley demonstrates hawkish tone

Greenback surges against yen after Fed's Dudley demonstrates hawkish tone

On Tuesday, the greenback hit a more than three-week peak versus the Japanese yen after an influential Federal Reserve official told that American inflation might inch up alongside wages, thus backing hopes for the Fed to keep lifting interest rates.

The US dollar went up to 111.775 yen, hitting its strongest value since May 26. It marked a profit of nearly 2.7% from the greenback’s 2-month minimum of 108.81 yen hit on June 14.

The major American currency last traded at 111.67 yen, gaining 0.1% on the day.

On Monday, the greenback gained when New York Fed President William Dudley told that tightening in the labor market would underpin inflation.

It helped to compensate worries among some market participants that surprisingly low inflation could prevent the major US bank from lifting interest rates further in 2017.

The common currency inched up 0.1%, being worth $1.1156.

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