Higher yields drive dollar to three-week high versus yen

London

THE dollar hit a three-week high against the yen on Thursday, on course for a fourth straight day of broader gains after a strong ADP job number in the previous session broke 10-year US government bond yields out of a long-held range.

As the dollar struggled last week to make more progress on the back of a flip in money markets towards a rise in official US interest rates this month, a number of analysts had pointed to muted moves in 10-year yields as one element holding the currency back.