RISING expectations of a cut in US interest rates next month, following the Federal Reserves' warning of a possible weakening in the US economy, have exerted further pressure on the US dollar.
Consequently, the Japanese yen strengthened to 117.49 against the greenback yesterday – the highest level seen since March 12 – from 118.56 on Tuesday. The euro, meanwhile, remained near its four-year high against the US dollar, quoted at US$1.1438 in early London trade against US$1.1289 the prior day.