Dollar Slumps To Lowest Level Against Yen Since Late 2014

By Barbara KollmeyerMarketWatch Pulse

The dollar plunged to levels not seen in more than a year against the yen on Thursday as investors took the view that Federal Reserve Chairwoman Janet Yellen wasn't dovish enough in her testimony on Capitol Hill. The dollar sank to �111.55 from �113.60 late Wednesday after touching a 15-month low in that session. Simon Smith, chief economist at FxPro said that the dollar/yen level is the lowest since October 2014. The euro traded at $1.1329 from $1.1269 late Wednesday. Yellen will return to Capitol Hill on Thursday. Dow industrial futures tumbled 300 points and oil prices dropped below $27 a barrel as gold prices surged $22.60 to $1,217.20 an ounce. Meanwhile, the Swedish Riksbank cut its repo rate to a negative 0.5% from a negative 0.35%, citing low inflation risks, and the Swedish krona fell against the dollar, buying 8.4346 krona. Read: Worried about stocks? Keep an eye on the yen

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