* Dollar edges toward 110 yen in best month since 2016
* Euro languishes below $1.18 as pandemic fight stutters
* Bitcoin buoyed above $58,000 as Visa backs
cryptocurrencies
* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
By Kevin Buckland
TOKYO, March 30 (Reuters) - The dollar climbed to a one-year
high against the yen JPY= on Tuesday amid a spike in Treasury
yields, as accelerating vaccinations and massive stimulus in the
U.S. stoked inflation concerns.
The safe-haven greenback also found support as investors
fretted about the potential fallout from the collapse of a hedge
fund, identified as Archegos Capital, although those jitters had
eased as the Asian trading day got underway. Bitcoin BTC=BTSP pushed back above $58,000 overnight after
Visa Inc V.N said it would allow the use of cryptocurrencies
to settle transactions on its payment network. The dollar rose as high as 109.89 yen in Asia on Tuesday, a
level not seen since March of last year. It's on track for the
best month since late 2016, with the end of Japan's fiscal year
this month driving up dollar demand as companies seek to square
their books.
The euro EUR= languished near the 4-1/2-month low of
$1.1763 reached on Monday, on course to fall by the most this
month since mid-2019.
Tougher coronavirus curbs in France and Germany have dimmed
the short-term outlook for the European economy, while a
widening spread between U.S. and German bond yields are adding
pressure on the single currency.
Higher yields make a currency more attractive as an
investment.
The dollar index =USD hovered near a 4-1/2-month high of
92.964 reached on Monday.
The monthly U.S. non-farm payrolls report will be closely
watched at the end of this week, with Federal Reserve
policymakers so far citing slack in the labour market for their
continued lower-for-longer stance on interest rates.
"In a week when the market is feeling so optimistic about
the forthcoming payrolls release, it seems very likely that the
greenback will find strong support," with the dollar index
looking to test 93, Rabobank currency strategist Jane Foley
wrote in a report.
However, "the market is in danger of pricing in too much
inflation risk," meaning "we see scope for the USD to soften in
the months ahead," the report said.
In cryptocurrencies, bitcoin continued its recovery from a
slide to as low as $50,360 last week, as Visa's decision became
the latest sign of growing acceptance of digital currencies on
both Wall Street and Main Street.
The token last traded around $57,620. It set a record high
at $61,781.83 earlier this month.
========================================================
Currency bid prices at 0047 GMT
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Euro/Dollar EUR=EBS $1.1768 $1.1767 +0.01% -3.69% +1.1778 +1.1764
Dollar/Yen JPY=D3 109.8120 109.8300 -0.01% +6.32% +109.8700 +109.8200
Euro/Yen EURJPY= 129.23 129.20 +0.02% +1.82% +129.2900 +129.1800
Dollar/Swiss CHF=EBS 0.9391 0.9394 -0.03% +6.15% +0.9394 +0.9389
Sterling/Dollar GBP=D3 1.3766 1.3760 +0.08% +0.80% +1.3774 +1.3764
Dollar/Canadian CAD=D3 1.2591 1.2590 +0.00% -1.13% +1.2595 +1.2584
Aussie/Dollar AUD=D3 0.7631 0.7632 +0.00% -0.79% +0.7640 +0.7632
NZ NZD=D3 0.7002 0.7001 +0.09% -2.42% +0.7011 +0.6997
Dollar/Dollar
All spots FX=
Tokyo spots AFX=
Europe spots EFX=
Volatilities FXVOL=
Tokyo Forex market info from BOJ TKYFX
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
World FX rates https://tmsnrt.rs/2RBWI5E
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>