US$ hits three-week high against yen

London

THE US dollar rose to a three-week high against the yen on Monday after senior Federal Reserve officials bolstered expectations that US interest rates would rise soon.

Treasury yields rose to their highest since June and rate futures indicated the market priced in more than a 30 per cent chance of a hike in September, up from 18 per cent before Fed chairwoman Janet Yellen and her deputy Stanley Fischer spoke on Friday, according to CME Group's FedWatch tool.