⚠️BREAKING: *U.S. DOLLAR JUMPS, YEN TUMBLES TO 24-YEAR LOW AS FED RATE HIKE BETS SURGE - $USD $JPY
© Reuters. FILE PHOTO: Japanese yen and U.S. dollar banknotes are seen with a currency exchange rate graph in this illustration picture taken June 16, 2022. REUTERS/Florence Lo/IllustrationSINGAPORE/TOKYO - The dollar gained ground against the euro and sterling on Thursday after earlier hitting a 24-year peak against the Japanese yen, as investors positioned for higher U.S. interest rates and remained concerned about the health of European economies.
"Even after hitting fresh records, USD strength has scope to extend somewhat further, boosted by the global slowdown and the European energy crunch in particular," said analysts at Generali Insurance Asset Management. The Japanese yen, earlier in the day, slid to as low as 139.69 yen per dollar, its softest since 1998, before paring its losses. The dollar was last up 0.24% higher at 139.3 yen.
Expectations for a 75-basis-point U.S. rate hike at next month's Federal Reserve meeting are rising on the back of solid economic data, with Fed funds futures last pointing to around a 75% chance of such an increase.
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