USD/JPY Back Under 118 as Oil Resumes Decline

The yen climbed against all of its 31 major counterparts as investors sought a haven after crude oil resumed a selloff, damping appetite for riskier assets.

The ruble slid to a record, and an index of emerging-market currencies dropped to the lowest level in more than a decade. The dollar rose against the euro before the Federal Reserve starts a two-day meeting tomorrow where Chair Janet Yellen and other policy makers will consider a vow to hold interest rates low as they consider when to raise them next year.

“We’ve seen a significant supply shock in oil, and at the same time, demand remains relatively weak,” Sebastien Galy, a senior currency strategist at Societe Generale SA in New York, said by phone.

Bloomberg

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