US dollar hits highest in more than a month on China economy concerns

The U.S. dollar hit more than a one-month high on Monday as investors sought a safe haven due to concerns about China's economy, and traders braced for possible Japanese government intervention after the yen hit its lowest level since November. The dollar index, which tracks the currency against its major peers, was up 0.301% at 103.170, hitting its highest level in more than a month. Analysts said investors bought the dollar as shelter from concerns about the health of the global economy, particularly China. Japan intervened in currency markets in September when the dollar rose past 145 yen, prompting the Ministry of Finance to buy the yen and push the pair back to around 140 yen. The yen is down nearly 10% against the dollar for the year. The Australian dollar slid to its lowest level since May and was last down 0.28% versus the U.S. dollar at $0.648. Russia's rouble reversed course after falling past 100 per U.S. dollar on Monday, driven in large part by the Russian current account surplus shrinking as energy export revenue dropped and government spending on the Ukraine war remained high.