Tuesday, May 24, 2016

Forex - Dollar pushes higher against yen, euro

© Reuters. Dollar moves higher against yen, euro on Fed rate hike view© Reuters. Dollar moves higher against yen, euro on Fed rate hike view

Investing.com - The dollar moved higher against the yen on Tuesday, having fallen in the previous session amid diminishing expectations that Japan will move to weaken the currency after a fresh warning against intervention from the U.S. last week.

was up 0.31% at 109.57, after falling to lows of 109.10 on Monday.

The yen strengthened on Monday after a weekend meeting of G7 leader's ended with the U.S. reiterating a warning to Japan against intervening in the foreign exchange market to weaken the yen.

said Tuesday he must be extremely careful in discussing specific forex rates.

The remark came after earlier reports that he said it would be good if the dollar yen pair settled around 109 yen.

Demand for the dollar continued to be underpinned after comments by Federal Reserve officials signaled that interest rates could rise in the coming months.

St. Louis Fed President James Bullard said Monday that more factors favored a gradual rate increase versus keeping them steady.

Separately, said he still sees the central bank raising interest rates two to three times this year.

The remarks came after last week's minutes of the Fed's April meeting revived expectations for a rate hike as soon as next month.

The dollar was also higher against the euro, with down 0.39% at 1.1176.

In the euro zone, data on Tuesday showed that , boosted by strong private consumption and increased construction investment.

The , which measures the greenback's strength against a trade-weighted basket of six major currencies, rose 0.27% to 95.48.

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