Dollar holds steady
Afp, Tokyo
The dollar held steady on Tuesday, hovering around a four-year high against the yen as investors continued to shun the Japanese currency due to its super-low interest rates, dealers said. The dollar changed hands at 121.63 yen in Tokyo morning trade, barely changed from 121.64 in New York late Monday. The euro was at 1.2942 dollars against 1.2948 dollars late Monday and at 157.42 yen, after 157.55 yen. "The yen-selling pressure remained unchanged, based on interest rate differences between the yen and major currencies," said Kosuke Hanao, chief of forex sales at HSBC. In New York, the dollar at one point hit to 121.80 yen, its highest level since March 21, 2003 and the market expects more to come.
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