Wednesday morning in Asia, the US dollar strengthened beyond the 1.30 level against the euro for the first time since February 2007. The dollar also surged to a fresh 5-year high against the pound and a new multi-month high against the franc. But the dollar showed weakness against the yen and touched a 6-day low.
Against the pound, the dollar jumped to a fresh 5-year high of 1.6489 during early Asian deals on Wednesday. On the upside, 1.60 is seen as the next target level for the dollar. The pound-dollar pair was worth 1.6692 at the close of North American session yesterday.
In early Asian trading on Wednesday, the dollar rose beyond the 1.30 level against the euro for the first time in nearly 20-months. At 10:25 pm ET, the euro-dollar pair hit 1.2969, compared to Tuesday's close of 1.3058. If the dollar gains further, it may likely target the 1.28 level.
During early Asian deals on Wednesday, the US dollar spiked higher against the Swiss franc and reached 1.1602 at 10:25 pm ET. This set the highest point for the dollar since December 2007. The next upside target level for the dollar is seen at 1.18. The pair closed Tuesday's trading at 1.1522.
The dollar, which closed yesterday's trading at 100.15 against the yen fell to a 6-day low of 99.98 during early Asian deals on Wednesday. If the dollar-yen pair slides further, 99.2 is seen as the next target level.
The yen gained today as a fall in Asian stocks prompted investors to sell higher-yielding assets funded in Japan.
In economic news, the index monitoring overall industrial activity in Japan fell 1.8 percent on month in August, the Ministry of Economy, Trade and Industry said today. That was slightly worse than analyst expectations of a 1.7 percent monthly fall after a 0.8 percent jump in July.
The Italian August retail sales and the Bank of England minutes are expected to influence trading in the European session today.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.