- Tuesday saw the Japanese yen continue to fall against the US dollar as reports came out that Japan may call a snap election next month in an effort for Prime Minister Shinzo Abe to push through his reforms. The yen has settled near seven-year lows against the dollar recently, and today was no different as the dollar traded down almost a percent against the yen, at 115.75. Also impeding the yen was the speculation that Japan’s government may hold off on a planned sales tax increase which boosted risk appetite and fuelled strong gains in Asian equities, curbing safe-haven demand for the currency.
- The Russian rouble reversed Monday’s gains against the euro and US dollar on Tuesday as it weakened 1.5% against the dollar. Monday’s rally came after the Bank of Russia announced it would allow the exchange rate to float freely.
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