Dollar gains in London as yen hits 160 per dollar

The dollar strengthened against the yen and euro in London trading on November 12, with the yen briefly touching 160 yen per dollar, its weakest level since early September. The euro also fell to around $1.1054, its lowest in about 19 months. The dollar buying was driven by growing expectations of US interest rate hikes and rising crude oil futures, which pushed up US yields. President Trump's social media post stating no deal with Iran is needed added to geopolitical uncertainty, supporting oil prices. The yen traded at 159.90-160.00 per dollar, while the euro was at $1.1060-70. The yen's decline was partly tempered by caution over possible currency intervention by Japanese authorities. The euro fell more sharply than the yen, with the pound also dropping to a one-month low near $1.3230-40. UK GDP data for July-September met expectations, limiting the pound's reaction.