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The dollar dropped to four-month lows versus the Japanese yen following a tumble in Wall Street stocks which drove U.S. Treasury yields sharply lower. The U.S. currency was down 0.2 percent at 111.56 yen after plunging 111.43, its lowest since Nov. 28.
The dollar index against a basket of major currencies edged down at 99.707 after pulling back to a 1-½ month low of 99.642 overnight. The greenback also fell versus the euro. The common currency was firm at $1.0810 after jumping overnight to $1.0819, its highest since early February. The U.S. currency is facing several negative factors recently, with the dollar index retreating from a high above 102.00 it touched at the beginning of March.
Increasing expectations of a tightening in the European Central Bank's monetary policy and the possible defeat of anti-euro candidate Marine Le Pen in the French presidential elections have supported the euro. The common currency climbed above $1.080 for the first time in six weeks following centrist Emmanuel Macron's appearance in a TV debate which fuelled growing expectations that he would win the French presidency.
