U.S. dollar hits 5-year high vs yen as investors bet on Fed hikes

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Reuters UK

LONDON (Reuters) – The U.S. dollar rose to a five-year high versus the yen on Tuesday, boosted by expectations of U.S. Federal Reserve rate hikes, as investors bet that the fast-spreading Omicron coronavirus variant would have limited economic impact. In the second trading day of 2022, global markets extended the upbeat moves seen on Monday. The dollar’s gains were helped by a rise in U.S. treasury yields, as investors bet on the Fed raising rates, with the U.S. 2-year and 5-year notes soaring to their highest since March 2020. At 0839 GMT, the dollar index was up 0.1% at 96.278, having exceed…

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