Dollar Falls Most in 13 Weeks Versus Yen on Dovish Fed Signs
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The dollar fell the most versus the yen in 13 weeks as the Federal Reserve signaled willingness to keep borrowing costs at unprecedented lows even as the U.S. labor market improves.
Japan’s currency climbed against most of its 16 major peers and U.S. Treasuries gained as concern stress in Portugal’s banking sector may spread prompted demand for safer assets. The dollar fell versus most major counterparts after minutes of the Federal Open Market Committee’s June meeting failed to provide additional insight on the pace of rate increases. Central bank Chair Janet Yellen testifies before Congress July 15-16.