On Tuesday the dollar edged up against the yen, correcting steep gains that has been made the previous day as Japan’s finance minister backtracked over its tolerance of a stronger yen.
On Monday the U.S. currency clawed back from an eight-month low hit against Yen, but as markets still saw room for the yen to rise so the dollar gains were limited.
Dollar was up 0.4% at 89.93 yen
The dollar was up 0.4% at 89.93 yen, by 1130 GMT, after briefly recovering above 90 yen.
Analysts say that market players may still make efforts to push the dollar toward January’s 13-year low of 87.10 yen and only after that they may think seriously about the possibility of intervention, though it has been said by many that a drop through 85 yen would more likely be needed.
Dollar index, edged up 0.1 percent to 77.152 .DXY
The dollar index, edged up 0.1 percent to 77.152 .DXY. It is the index by which the performance of the greenback versus a basket of six other major currencies is tracked back.
As short-term players unwound some euro-buying/dollar-selling positions, the euro EUR= fell more than half a percent to a two-week low around $1.4538. On electronic trading platform EBS, the pair pulled further away from a one-year high of $1.4845 hit last week.
Euro Slides
Traders brushed off data that has showed that the euro zone economic sentiment has improved slightly more than what was expected in September, to 82.8 from 80.8 in August versus forecasts of 82.2.
Against the yen the euro hit a session low of 130.71 yen EURJPY=R, as it was pressured across the board in part due to a near 1 percent tumble against sterling EURGBP=D4, which has shown a broad rise on the back of a surprising jump in UK sales figures.
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