Forex Pros – The U.S. dollar fell to a one-month low against the yen on Tuesday, amid speculation that rising prices of commodities such as crude oil could impact negatively on the U.S. economic recovery.
USD/JPY hit 81.76 during early European trade, the pair’s lowest since January 4; the pair subsequently consolidated at 81.91, shedding 0.15%.
The pair was likely to find support at 80.9, the low of January 3 and a two-month low and resistance at 82.25, Monday’s high.
The greenback slipped amid speculation that recent rises in commodity prices, partly fueled by the ongoing political tension in Egypt, could weaken the momentum of world's largest economy.
Oil prices surged to a two-year high on Monday amid fears the anti-government unrest in Egypt could spread across the Middle East, potentially disrupting global oil supplies.
The yen was also higher against the euro, with EUR/JPY dipping 0.02% to hit 112.31.
Later in the day, in the U.S. the Institute of Supply Management was to publish data on manufacturing growth.
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