The dollar briefly broke above 124 yen Wednesday, hitting its highest intraday level since June 2007.The buck strengthened against most of its rivals, but the euro was one notable exception. The shared currency turned higher against the dollar after Bloomberg, citing a Greek official, said that Greece and its creditors had begun writing up a “staff-level” agreement. Greek Prime Minister Alexis Tsipras also reportedly said the two sides are on the “final stretch” toward a deal.
The U.S. currency USDJPY, +0.36% recently traded at ¥123.80, down from its session high of ¥124.0750. It traded at ¥123.10 late Tuesday in New York. The euro EURUSD, +0.0459% was flat in recent trade at $1.0873.
The dollar’s move higher against the yen came after nearly four months of placid trading. The two currencies were stuck in a narrow range, with the dollar’s value fluctuating between ¥118.30 and ¥122, until Friday, when the dollar broke through that ceiling.
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