US$ weaker against yen as US data quash rate hike bets

London

THE dollar fell to its lowest in more than a week against the yen on Wednesday as subdued US data made an interest rate increase this month unlikely and drove investors to cut favourable bets in the greenback.

In Europe, sterling fell for the first time in six days against the dollar hurt by weak factory data. It was 0.5 per cent lower at US$1.3375 with the focus on Bank of England chief Mark Carney's testimony to lawmakers. His appearance comes after a slew of robust data in the past week saw fears of a recession in the near term abate.