Dollar falls 1% versus yen after data disappoints

Tuesday, 24. May 2022 16:46

The United States dollar tumbled more than 1% compared to the Japanese yen on Tuesday after worse-than-expected data reports on new home sales and the private sector activity in the country.

The slump also came amid a share sell-off on Wall Street, which could have increased the appeal of the yen, as Japan's currency is traditionally seen as a safe-haven asset and an inflation hedge.

The dollar dropped 1.07% compared to the yen at 10:45 am ET, selling for 126.5250.

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Author:
Baha Breaking News (BBN) / BU