Dollar hits seven-month high against yen ahead of Powell speech

The dollar climbed to a seven-month high against the yen on Thursday as a rise in U.S. Treasury yields provided support ahead of a speech by Fed Chair Jerome Powell.

The dollar stood near a three-month high against the Swiss franc and held onto gains against most currencies as a calm Treasury market boosted sentiment.

The dollar climbed to 107.09 on the yen, its highest level since July 2020. The greenback bought 0.9195 Swiss franc, close to its strongest level since November.  

The British pound fell slightly to $1.3940, while the euro stood at $1.2060, nursing a 0.24% loss from the last session. 

The 10-year Treasury yield rose up to 1.4825% in Asian session. The dollar index traded at 91.009, holding on to a 0.32% rise from Wednesday. 

The Aussie, often traded as a proxy for global growth due to its ties with commodities, bounced from early losses and climbed to $0.7788. The kiwi, another commodity currency, firmed slightly.