US Dollar Under Pressure, Yen Strengthens Amid Christmas Session
The US dollar declined for a third straight day on Wednesday, with the Bloomberg Dollar Index falling 0.1%, reaching its lowest level since October 3. Trading was relatively quiet ahead of the Christmas holiday, but several factors influenced the dollar's movements. One such factor was the decline in US jobless claims, which fell to 214,000 last week, although this reflects typical seasonal fluctuations at this time of year.
One currency that gained significantly against the dollar was the Japanese yen (JPY), which strengthened 0.3% to 155.80. The yen was one of the biggest gainers among the G-10 currencies, especially after Japanese Finance Minister Satsuki Katayama stated that Japan has "complete freedom" to take action against currency movements inconsistent with economic fundamentals.
Furthermore, the USD/CAD currency pair also declined, dropping 0.1% to 1.3670, registering a third consecutive day of decline. Meanwhile, USD/CHF rose 0.2% to 0.7890, making the Swiss franc one of the worst-performing currencies among the G-10 nations, followed by the euro, which also weakened 0.1% to 1.1780.
Source: Newsmaker.id
