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The US dollar reached its highest level in nearly five years against the Japanese yen on Tuesday after a jump in Treasury yields boosted it as traders bet the Federal Reserve will raise interest rates early despite the rise in Covid-19 infections.
The dollar rose to its highest level against the yen at 115,815 yen for the first time since January 11, 2017, after long-term Treasury yields jumped 12.5 basis points overnight to 1.6420 percent for the first time since November 24.
The dollar index settled near a one-week high of 96.328 reached on Monday.
The price of the euro reached 1.1302 dollars, up from its lowest level in a week, when it recorded 1.12795 dollars during the night.
The British pound fell to 1.34685 dollars, recording 1.3431 dollars, a level not seen since November 29.
The Australian dollar traded near its lowest level in two weeks at $0.7184, which it reached in the previous session.
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