The yen falls to 151 per dollar and the pound falls due to the turmoil in the United Kingdom

The yen was on track for its 10th consecutive weekly decline against the unrelenting dollar, while the pound sterling backed down amid political turmoil in the UK.

The dollar advanced across the board, also pushing the Swiss franc to its lowest level since May 2019.

Investor bets that the US Federal Reserve will raise interest rates to 5% next year supported the greenback, as well as companies’ demand for dollars to settle year-end bills. , currency analysts said.

The dollar indexwhich compares the greenback to a basket of six major currencies, gained 0.5% to 113,440 as Treasury yields hit new multi-year highs.

The dollar-yen pair is extremely sensitive to changes in 10-year Treasury note yields, which hit a more than 14-year high at 4,291 percent.

The prolonged sale of the yen above 150 units per dollar, until reaching a minimum of 32 years, has put the markets on alert for the possibility that Tokyo intervenes in the currency markets again. The yen was down 0.9% on the day at 151,450 per dollar.

Sterling fell more than 1% to a weekly low of $1.11 as the ruling Conservative Party began the process to elect the country’s third prime minister in two months, after the resignation of Liz Truss on the eve

The euro fell 0.4% to $0.97500, while the Swiss franc fell 1% to a more than three-year low of 1.01230 per dollar.