The Japanese Yen earlier hit a 17-month peak versus the US Dollar after yet another decline in oil prices sent FX traders rushing into the proverbial arms of safe-haven assets. Analysts have pointed out, however, that while the Yen is a traditional safe-haven currency, fears of an intervention by the Bank of Japan mean that traders are keeping a wary eye for an imminent move. The US Dollar, in the meantime, continues to be under pressure as expectations solidify of a postponement of a rate hike. federal reserve officials, chiefly Janet Yellen, continue to backpedal on previous promises of more 2016 interest rate increases.

As reported at 9:49 am (BST) in London, the USD/JPY was trading at 110.3350 Yen, down 0.88% for the greenback. The USD/JPY pair has ranged from a low of 110.295 Yen to a peak of 110.3355 Yen. The EUR/JPY is also lower at 125.3900 Yen, down 1.12% with the pair's daily trading band ranging from 125.2907 Yen to 126.8973 Yen.

Antipodean Pairs Pressured by Commodity Prices

Along with the decline in oil prices, the Australian Dollar edged lower with the AUD/USD pair trading at $0.7538, down 0.85%. The NZD/USD is also down, trading at $0.6772, down 0.82%. Earlier today, the Reserve Bank of Australia announced that it would maintain its monetary policy and interest rates at current levels, largely as analysts expected.