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In morning Forex trading today (December 29th), the US currency was up 0.1 per cent to 91.74 yen (62.4p), Reuters reports, taking it close to the 91.88 yen it touched prior to the Christmas break.
On the dollar index - which measures the currency against six of its major global counterparts - the greenback was also 0.1 per cent higher.
Strong US retail sales figures published yesterday may aid the currency market, analysts predicted, with one Forex trading manager anticipating a further rise in the dollar.
"Given the fact that upward pressure remains on Treasury yields, dollar/yen still has the potential to reach as high as mid-92 within the year," remarked Toshihiko Sakai of Mitsubishi UFJ Trust Bank.
The US currency had recorded a slight fall versus the yen on Christmas Eve, dipping following suggestions that the Federal Reserve will not remove its economic stimulus measures for the time being.
Posted by Greg Secker
