Investing.com - The dollar advanced to more than six-month highs against the yen on Monday as the yen continued to be pressured lower by expectations that the Bank of Japan will implement further stimulus measures next year.
During U.S. morning trade, USD/JPY rose to session highs of 103.05, the loftiest level since May 23 and was last up 0.47% to 102.92.
The yen remained under pressure on the view that the Bank of Japan will step up stimulus measures in order to meet its target of 2% inflation by 2015.
Earlier Monday, BoJ Governor Haruhiko Kuroda pledged to counter any new downside risks to the bank’s inflation goal, saying the BoJ would act by "adjusting monetary policy without hesitation."
In the U.S., the Institute for Supply Management said Monday that manufacturing activity expanded at the fastest rate since April 2011 in November, fuelling optimism over the economic recovery.
The ISM manufacturing purchasing managers’ index rose to 57.3 in November from 56.4 in October. Analysts had expected the index to fall to 55.0.
Elsewhere, EUR/USD was down 0.26% to 1.3554 from 1.3590 on Friday.
In the euro zone, data on Monday showed that the bloc’s manufacturing PMI rose to a two year high of 51.6 last month from October's 51.3, slightly higher than a preliminary estimate of 51.5.
However, Spain’s manufacturing sector contracted for the first time since July last month, while the French manufacturing sector contracted for the 21st straight month.
The pound pulled back from 27-month highs against the dollar, with GBP/USD dipping 0.02% to 1.6367, off session highs of 1.6442.
Demand for sterling continued to be underpinned after data showed that activity in the U.K. manufacturing sector expanded at the fastest rate in 33 months in November.
The U.K. manufacturing PMI rose to 58.4, the highest level since February 2011, from an upwardly revised 56.5 in October. Analysts had expected a decline to 56.0.
The dollar pushed higher against the Swiss franc, with USD/CHF up 0.15% to 0.9075.
The greenback was mixed against the Australian, New Zealand and Canadian dollars, with AUD/USD edging up 0.04% to 0.9111, NZD/USD advancing 0.74% to 0.8192 and USD/CAD up 0.27% to 1.0642.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.21% to 80.85.
During U.S. morning trade, USD/JPY rose to session highs of 103.05, the loftiest level since May 23 and was last up 0.47% to 102.92.
The yen remained under pressure on the view that the Bank of Japan will step up stimulus measures in order to meet its target of 2% inflation by 2015.
Earlier Monday, BoJ Governor Haruhiko Kuroda pledged to counter any new downside risks to the bank’s inflation goal, saying the BoJ would act by "adjusting monetary policy without hesitation."
In the U.S., the Institute for Supply Management said Monday that manufacturing activity expanded at the fastest rate since April 2011 in November, fuelling optimism over the economic recovery.
The ISM manufacturing purchasing managers’ index rose to 57.3 in November from 56.4 in October. Analysts had expected the index to fall to 55.0.
Elsewhere, EUR/USD was down 0.26% to 1.3554 from 1.3590 on Friday.
In the euro zone, data on Monday showed that the bloc’s manufacturing PMI rose to a two year high of 51.6 last month from October's 51.3, slightly higher than a preliminary estimate of 51.5.
However, Spain’s manufacturing sector contracted for the first time since July last month, while the French manufacturing sector contracted for the 21st straight month.
The pound pulled back from 27-month highs against the dollar, with GBP/USD dipping 0.02% to 1.6367, off session highs of 1.6442.
Demand for sterling continued to be underpinned after data showed that activity in the U.K. manufacturing sector expanded at the fastest rate in 33 months in November.
The U.K. manufacturing PMI rose to 58.4, the highest level since February 2011, from an upwardly revised 56.5 in October. Analysts had expected a decline to 56.0.
The dollar pushed higher against the Swiss franc, with USD/CHF up 0.15% to 0.9075.
The greenback was mixed against the Australian, New Zealand and Canadian dollars, with AUD/USD edging up 0.04% to 0.9111, NZD/USD advancing 0.74% to 0.8192 and USD/CAD up 0.27% to 1.0642.
The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.21% to 80.85.