XE Market Analysis: North America – May 23, 2018

A risk-off theme propelled the yen higher and, to a lesser extent, the dollar, which posted gains against most currencies outside the case versus the Japanese unit. The narrow trade-weighted USD index (DXY) has gained 0.4%, though has remained a little short of the five-month high that was seen on Monday at 94.06. EUR-USD traded below 1.1700 for the first time since last November, pegging a low at 1.1698. The biggest movers were the yen crosses, with EUR-JPY, AUD-JPY and GBP-JPY showing losses of over 1.5% at their respective lows.