Stock gains pushed US dollar up against yen
On Tuesday, dollar moved up session high as strengthened by recovery in stock bazaar of US with the rise in technology shares. A gain in US equities was observed buoyed by $700-billion rescue scheme of government of United States.
Investors are hoping that the bailout package will help in soothing down the lending as well as strengthen the capital spending.
After trading half percent up at 105.94 on Monday, dollar rose session high at 105.99
Director of foreign exchange trading at Scotia Capital in Toronto, Steven Butler, said that according to the scenario it looks like the trading sector is being forced to buy US currency. He also said that while the rise in stocks is easing the market, it still doesn’t t mean much as the market is unstable.