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Dollar Surges Past ¥159 on Fed Rate Hike Bets, Greenback Buying

Guavy AI Editorial Team
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The US dollar surged past ¥159 in the New York foreign exchange market on Monday, marking its biggest drop in five months. The currency's rise was driven by bets of a Fed rate hike, fueling greenback buying.

In late trading, the dollar stood at ¥159.14, down 0.84% from the previous business day. This decline partially erased gains made after the coordinated yen-buying intervention by the Japanese and US governments in late July.

Cleveland Fed President Beth Hammack's comments that 'probably some number' of rate hikes will be needed also contributed to the dollar's rise, with USD/JPY reaching ¥159.35.

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