Dollar Index Turns Positive as Pro-Yen Intervention Fades
Dow Jones08-04
1409 ET - The dollar partially reverses its decline against the yen, pushing the WSJ Dollar Index up, as the impact of a joint Washington-Tokyo intervention loses momentum. Authorities have confirmed the action to prop up the Japanese currency, while FX analysts argue that deeper policy changes are needed to support the yen in the long run. Meanwhile, markets contemplate a new attempt to reopen the Strait of Hormuz via diplomacy. Oil falls more than 5%. The WSJ Dollar Index rises 0.1% as the greenback strengthens 0.5% against the pound and the Swiss franc and 0.4% versus the euro. The dollar is down 0.4% versus the yen, off early lows against the Japanese currency.
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