U.S. dollar edges down, hits nine-month high against Japanese yen

New York [US], August 29: The U.S. dollar edged down on Monday and briefly hit a nine-month high against the Japanese yen.
The dollar index, which measures the greenback against six major peers, fell 0.02 percent to 104.0567 in late trading.
It bought 146.5060 Japanese yen, hitting a nine-month high on Monday, higher than 146.3690 Japanese yen of the previous session.
Bank of Japan Governor Kazuo Ueda said on Saturday that the bank will maintain the current approach to monetary policy, as underlying inflation in Japan remains "a bit below" its 2 percent target.
At the annual economic symposium in Jackson Hole, Wyoming, Federal Reserve Chair Jerome Powell maintained a generally slightly hawkish tone last Friday, indicating the possibility of further interest rate hikes due to persistently high inflation.
However, he also acknowledged that price pressures have eased somewhat and mentioned that the Fed will adopt a cautious approach regarding whether to tighten policy further.
Texas factory activity contracted in August, according to the Texas Manufacturing Outlook Survey on Monday.
The production index, a key measure of state manufacturing conditions, fell six points to -11.2, its lowest level since May 2020, the survey showed. Labor market measures suggested slower growth in employment and shorter workweeks in August. However, the U.S. dollar did not experience many fluctuations after the report.
In late New York trading, the euro increased to 1.0812 U.S. dollars from 1.0808 dollars in the previous session, and the British pound increased to 1.2600 U.S. dollars from 1.2596 dollars.
The U.S. dollar increased to 0.8840 Swiss francs from 0.8838 Swiss francs, and it was up to 1.3604 Canadian dollars from 1.3591 Canadian dollars. The U.S. dollar fell to 10.9973 Swedish krona from 11.0306 Swedish krona.
Source: Xinhua