The European single currency, Euro, has maintained a downward trend against the basket of currencies, while the US dollar is going from strength to strength.
This development is coming after the US Federal Reserve announced there could be further rate hikes in 2017.
At the moment, the euro-dollar exchange rate has almost reached parity. The euro EURJPY, -1.01% weakened to ¥122.38 from ¥123.28.
Meanwhile, the U.S Dollar slips as investors cash in on recent gains The dollar was lower against the yen on Monday, as investors locked in profits following the Federal Reserve’s policy meeting last week.
The dollar shot up last week to touch ¥118.66–a 17% gain since the U.S. presidential election–after the Federal Reserve signalled it may raise interest rates three times next year instead of twice as previously expected.
The British Pound Sterling is trading 0.3% weaker at 1.2454, against the U.S Dollar,a 50-day moving average at 1.241.
The Euro on the other hand is trading up 0.1% to 0.8382 against the Pound Sterling; 200-day moving average at 0.8314.
