Yen surge dampens US$ bullish streak

London

AN early surge in the yen in Asia on Thursday put a dampener on any further progress for the US dollar after a bullish two weeks and spurred speculation that US investors are opposing any gains past 110.50 yen.

In relatively illiquid conditions in the first minutes of trading in Tokyo, a large order drove the yen more than half a per cent higher against the US dollar, undoing the bulk of this week's gains for the US currency.