Forex Market Update : Epic Research Singapore

The U.S. dollar plunged against the yen Thursday after a report surfaced that Chinese policy makers were being pressured to allow a sharp drop in the yuan.

The report, published by Reuters, drove the buck back toward its lowest level against the Japanese currency in more than four months.

The dollar USDJPY, +0.56% traded at ¥1117.58 late Thursday in New York, compared with ¥118.67 Wednesday.

Elsewhere, the euro EURUSD, -0.4574%  strengthened against the dollar—as did other European currencies like the Swedish krona SEKUSD, -0.2886%  and Norwegian krone NOKUSD, -0.1439% —as the traders bought back the euros they used to fund bets on riskier emerging-market currencies.

The euro traded at $1.0937 late Thursday, its largest daily increase since December’s European Central Bank meeting, compared with $1.0778 late Wednesday in New York. The British pound GBPUSD, +0.1231%  traded at $1.4624 Thursday, compared with $1.4633.

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