The USD/JPY pair slumps to near 157.30 in Monday’s European session.
USD/JPY drops to near 157.30 even though the US Dollar posts a fresh two-year high. Traders pare Fed dovish bets on the back of upbeat US NFP data for December. Deepening risk-aversion sentiment has improved the JPY’s safe-haven appeal. The asset drops even though the US Dollar performs strongly, suggesting sheer strength in the Japanese Yen . The US Dollar Index , which tracks the Greenback’s value against six major currencies, refreshes a more-than-two-year high above 110.00.
It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away.
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