Dollar steadies in uneasy market calm

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The dollar edged up against most major peers on Wednesday, steadying after recent declines, and gaining sharply against the yen which was volatile as the end of the Japanese fiscal year approaches.

The dollar index , which tracks the currency against six peers, gained 0.15% to 102.64. It has fallen for the past two sessions, and is set for a 2.1% monthly fall, a victim of the market ructions induced by problems in the banking industry.

She added that currency markets had been struggling to fix onto a particular trend in the recent volatility. The yen hit its strongest in roughly two months against both the dollar and the euro last week, benefitting from a flight to safety, but Foley said the market could be seeing less need for a safe haven this week.

"U.S. bond volatility has driven most of the volatility in dollar-yen, so it makes sense that we're closer to 130 than 140 because U.S. yields are that much lower," said Ray Attrill, head of foreign-exchange strategy at National Australia Bank.

 

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