The Japanese yen bounced back from a poor performance early during the Tuesday trade session against the common currency of the European Union, spurred higher by a published report indicating Russia discharged two ballistic rockers in the Mediterranean Sea, according to Bloomberg.
The monetary unit of the Pacific Rim nation also recovered against the world's reserve currency after the state news service of Russia reported the country's defense minister said the two missiles were soaring toward the Eastern Mediterranean. Demand for the globe's safe-haven assets surged as a consequence of the reports.
"I expect the dollar to be supported amid expectations that the Federal Reserve will start tapering its quantitative easing," forex director Kyosuke Suzuki with Societe Generale in Tokyo told Reuters on Tuesday.
The yen was near its four-week low against the greenback, according to Reuters. The currency of Japan also was spurred higher by economic data noting worldwide manufacturing was climbing.
U.S. President Barack Obama is working to garner support for a military strike against Syria, which is suspected of deploying chemical weaponry against its own people in the outskirts of Damascus on August 21, Reuters reports.
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