Dollar drops from four-year peak against yen

<p>The US dollar dipped in value today.</p>

The US dollar has dropped against the yen after previously reaching a four-year peak.

An unexpected fall in US retail sales had a negative impact on the greenback and it slipped 0.6 percent to 99.05 yen. The high of 99.94 set on Thursday (April 11th) was its strongest mark against the yen since April 2009.

Speaking to Reuters, Chris Walker, currency strategist at Barclays, stated there is currently a correction taking place in the wider yen selloff.

He added: "But drops in the dollar/yen have been shallow and are good levels to short the yen. We forecast dollar/yen to rise to 103 yen in a month's time."

Yesterday, the pound reached a seven-week high against the US dollar, as well as a three-and-a-half year high compared to the Japanese yen.

Simon Derrick, head of currency research at Bank of New York Mellon, told the Daily Telegraph that investors have been particularly interested in sterling this week.

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