Yen intervention impact fades while Aussie dollar holds steady
The Japanese currency was last at 159.1 per dollar, slightly stronger on the day
The Japanese yen saw a slight increase against the US dollar, trading at 159.1 per dollar, on Tuesday, Aug 11. This gain was attributed to the lingering effects of the recent US-Japan intervention, which has gradually diminished. Meanwhile, the Australian dollar maintained a near-eight week high, stabilizing after the Reserve Bank of Australia held interest rates steady as anticipated.
The central bank's decision to keep rates unchanged, after raising them by 75 basis points since February to tackle inflation driven by soaring energy costs, left the Australian dollar near its strongest level since mid-June. Analysts suggest that traders are anticipating potential intervention by authorities, particularly if the yen breaches the psychologically significant 160 against the dollar.
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