War sets dollar for monthly rise, yen recovers on intervention threat

The dollar headed for its biggest monthly gain since July on Tuesday and stands out as the strongest so-called safe asset as war ​in the Mideast has set oil prices surging and raised the risk of global recession. Overnight the dollar ‌extended gains widely, save for against the yen where renewed threats of intervention from Tokyo have traders wary of selling the yen too far past 160 per dollar. The Reuters Iran Briefing newsletter keeps you informed with the latest developments and analysis of the Iran war. Sign up here. Having touched its weakest since July 2024 a day earlier, the yen traded at 159.81 in the Asia morning on Tuesday, ​down about 2.4% on the month owing to Japan’s import exposure to skyrocketing energy prices. It was little changed ​on data showing a small slowdown in Tokyo inflation this month.