(MENAFN- Daily Forex) By: DailyForex.com
The US Dollar was broadly higher, especially against safe haven currencies such as the Swiss Franc and the Japanese Yen, as tensions involving seem to be evaporating. Both the Franc and yen had surged last week following a ramp up of threats from the US and North Korean leaders but Kim Jong Un's delay of a decision regarding Guam, a US territory, is being seen by markets as nothing but a rhetorical threat.
As reported at 11:24 am (BST) in London, the USD/JPY was trading at 110.423 Yen, a gain of 0.73%; the pair had eased away from a session peak of 110.481 Yen while the low for the trading day is currently at 109.601 Yen. The USD/CHF is down 0.04% at 0.9718 Swiss Francs, slipping off the session peak of 0.97586 Swiss Francs.
Dollar's Bounce Could Continue
Currency strategists see the likelihood of the Dollar's continued general recovery in the short term, in keeping with the greenback's recovery over the last two weeks. The Dollar had struggled broadly before that, recording the worst 4-month period in six years. However, as September approaches, with the Federal Reserve expected to begin to wind down its QE program, the Dollar is seeing some renewed interest. The US Dollar Index, which gauges the greenback's strength versus major rivals, is currently at 93.775 .DXY, a gain of 0.35%.
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