Early trade in NY: dollar falls against yen

Early trade in NY: dollar falls against yen

Early trade in NY: dollar falls against yen

It was down a third of a percent on Thursday at 113.46 yen, just above an eight-day low hit on Wednesday and remaining well below an eight-month high of 114.735 yen set on Monday.

The US Dollar edged lower against the Japanese Yen after an unexpected decline in Japan's stock market dampened risk sentiment.

The yen is a low-yielding currency often used to fund investment in higher-yielding currencies and assets when risk sentiment is positive.

The dollar was flat at 94.903 versus a basket of six major currencies, below a three-month high of 95.150 set in late October.

"The dollar is running out of steam".

"There is something of a risk-off undertone that may prevail in the market until we get some clarification on the tax cut plan we are expecting to get from the Senate", said Shaun Osborne, currency strategist at Scotia Bank in Toronto.

A U.S. Dollar note is seen in this June 22, 2017 illustration photo.

In late NY trading, the euro increased to 1.1592 dollars from 1.1583 dollars in the previous session, and the British pound decreased to 1.3107 dollars from 1.3155 USA dollars in the previous session.

The Washington Post, citing unidentified sources, reported on Tuesday that Senate Republican leaders are considering a one-year delay in the implementation of a major corporate tax cut to comply with Senate rules.

Any potential delay in the implementation of tax cuts, or the possibility of proposed reforms being watered down, would tend to work against the dollar, analysts said. "There is a lack of momentum behind the recent moves and the euro's outlook remains bright as global money managers remain underweight in the single currency", said Marc Ostwald, a strategist at ADM Investor Services International in London.

The New Zealand dollar touched a two-week high after comments from the country's central bank on the inflation outlook were taken as hawkish, even as it kept interest rates unchanged as expected. The dollar was down 0.33 percent to 113.62 yen, after having fallen as low as 113.4 yen, earlier in the session.

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