Investing.com - The dollar rose to two-month highs against the yen on Thursday as strong gains in Asian equities markets overnight curbed demand for the safe haven yen.
During European morning trade, USD/JPY rose 0.66% to 99.88, the highest since September 13.
The yen slid after Japanese Finance Minister Taro Aso said it is important to retain currency market intervention as a policy option to utilize in time of excess volatility in markets.
Asian equities were also boosted following dovish comments from Federal Reserve Chairman nominee Janet Yellen. In a statement released late Wednesday, Yellen said the job market and economy are "performing far short of their potential" and there is "more work to do" on recovery.
Meanwhile, data released on Thursday showed that Japan’s economy grew by 0.5% in the third quarter, beating forecasts for growth of 0.4%, but the annual rate of growth slowed to 1.9%, down sharply from the 4.3% expansion in the second quarter.
The euro slipped lower against the dollar, with EUR/USD down 0.19% to 1.3460.
The French economy contracted by 0.1% in the three months to September, slowing from the 0.5% growth recorded in the second quarter preliminary data on Thursday showed. Economists had forecast growth of 0.1%.
Germany's economy grew by 0.3% in the third quarter, slowing from the 0.7% growth achieved in the second quarter. On a year-over-year basis, Germany’s economy grew 1.1%, beating forecasts for annual growth of 0.7%.
The wider euro zone was to release preliminary data on growth rates later in the trading day.
Elsewhere, the dollar pushed higher against the pound and the Swiss franc, with GBP/USD sliding 0.09% to 1.6040 and USD/CHF rising 0.28% to 0.9159.
The greenback was higher against the Australian, New Zealand and Canadian dollars, with AUD/USD down 0.45% to 0.9314, NZD/USD losing 0.31% to trade at 0.8262 and USD/CAD climbing 0.19% to 1.0476.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, edged up 0.05% to 81.04.
During European morning trade, USD/JPY rose 0.66% to 99.88, the highest since September 13.
The yen slid after Japanese Finance Minister Taro Aso said it is important to retain currency market intervention as a policy option to utilize in time of excess volatility in markets.
Asian equities were also boosted following dovish comments from Federal Reserve Chairman nominee Janet Yellen. In a statement released late Wednesday, Yellen said the job market and economy are "performing far short of their potential" and there is "more work to do" on recovery.
Meanwhile, data released on Thursday showed that Japan’s economy grew by 0.5% in the third quarter, beating forecasts for growth of 0.4%, but the annual rate of growth slowed to 1.9%, down sharply from the 4.3% expansion in the second quarter.
The euro slipped lower against the dollar, with EUR/USD down 0.19% to 1.3460.
The French economy contracted by 0.1% in the three months to September, slowing from the 0.5% growth recorded in the second quarter preliminary data on Thursday showed. Economists had forecast growth of 0.1%.
Germany's economy grew by 0.3% in the third quarter, slowing from the 0.7% growth achieved in the second quarter. On a year-over-year basis, Germany’s economy grew 1.1%, beating forecasts for annual growth of 0.7%.
The wider euro zone was to release preliminary data on growth rates later in the trading day.
Elsewhere, the dollar pushed higher against the pound and the Swiss franc, with GBP/USD sliding 0.09% to 1.6040 and USD/CHF rising 0.28% to 0.9159.
The greenback was higher against the Australian, New Zealand and Canadian dollars, with AUD/USD down 0.45% to 0.9314, NZD/USD losing 0.31% to trade at 0.8262 and USD/CAD climbing 0.19% to 1.0476.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, edged up 0.05% to 81.04.