Dollar climbs to fresh 20-year high on yen, tests 2-year peak on euro - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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The dollar rose on Tuesday to a fresh 20-year high against the Japanese yen and tested a two-year peak against the euro, supported by high US Treasury yields.

are within touching distance of turning positive for the first time in two years.

“Policy divergence between the Fed and low-yielding central banks continues to argue in favour of USD strength,” said Francesco Pesole, FX Strategist at ING. US inflation is “far too high”, St. Louis Federal Reserve Bank President James Bullard said on Monday as he repeated his case for increasing interest rates to 3.5% by the end of the year.

Many investors are betting the yen has further to fall. The latest CFTC data for the week ending April 12 shows net short yen positions are the largest in three and a half years.

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