Greenback dips as Japan shares go down

On Wednesday, the major American currency dipped against the Japanese yen as retreating Tokyo shares drove safe-haven bids for the Japanese yen, while bargain hunting assisted the battered sterling to crawl away from another one-month minimum.      

The US dollar also sank against the common currency and the Australian dollar after gloomy productivity data sapped some of the momentum it had acquired from the previous week's robust American jobs report.

The greenback was down 0.6%, hitting 101.325 yen. By the way, on Monday it went as high as 102.660 on the strong nonfarm payrolls news.

The common currency edged up 0.3% to $1.1148, hitting a 5-day peak of $1.1149.

The British pound managed to gain 0.4%, trading at $1.3060 , restoring from the $1.2956 achieved on Tuesday, the lowest reading since July 11.

On Tuesday, the sterling took a knock after the BoE’s policymaker Ian McCafferty told more monetary easing was likely to be required if the British economic dip worsened.

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