Currency markets steady after yen breaches 2023 low
The dollar index , which tracks the currency against its major peers, was up 0.26% to 103.15 on Monday, the highest level since July 7.Analysts said investors were buying the safe-haven dollar over concerns about the health of the global economy, particularly China.
Meanwhile, two Chinese listed companies said over the weekend that they had not received payment on maturing investment products from asset manager Zhongrong International Trust Co. He said the dollar is likely to stay strong "unless Chinese authorities can surprise with some powerful stimulus measures".
The Bank of Japan has stuck to its ultra-loose monetary policy as other global central banks hiked interest rates, making returns in other countries look more attractive and weighing heavily on the yen.
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