Dollar remains steady as yen nears 1986 lows

The dollar rose significantly, supported by increasing tensions between the United States and Iran, which led to higher oil prices and reignited fears of inflation, thereby boosting demand for the U.S. currency as a safe haven. Meanwhile, the Japanese yen remained close to its lowest levels since 1986, as reports suggested Tokyo might intervene to stop the Japanese currency from devaluing further, amid risks of further decline due to the strength of the dollar and expectations of tighter U.S. monetary policy. The dollar index reached 101.05 points, while oil prices climbed above $96 a barrel, amid rising prospects of a U.S. interest rate hike and increased treasury yields.

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