Dollar Holds near 2-1/2-Mth High Vs Yen on Trade Progress

The US dollar held near a two month high against the yen on Monday after Washington and Beijing announced progress towards a trade deal, while sterling stuck around a three-month high on hopes for an orderly British exit from the European Union.

On Friday, the US dollar emerged stronger against the safe-haven yen to as high as 108.63 yen, its highest since August 1, before U.S President Donald Trump said the United States and China had reached a ‘Phase 1’ trade deal.

Within Asia, the dollar inched down to 108.34 yen. The Tokyo market is closed for a holiday so trading volumes are likely to lighter than usual.