The U.S. dollar dipped against the yen on Wednesday on concerns over U.S. economic growth but hit a more than one-month high against the euro after strong U.S. private payrolls data supported expectations for higher U.S. interest rates.
The dollar erased gains against the yen after hitting 114.55 yen, its highest level against the Japanese currency in more than two weeks. Analysts said extended declines in oil prices stoked concerns over the U.S. economy and boosted the safe-haven yen.
"We know that the oil price weakness has been associated with concerns on banks, concerns on growth," said Steven Englander, global head of G10 foreign exchange strategy at CitiFX in New York. "This nudges the concerns back a bit more into the picture."