Dollar hits 7-year high on yen

NEW YORK: The dollar eased against the euro but hit a seven-year high on the yen Tuesday in a market quiet because of the Armistice Day and Veterans Day celebrations in Europe and the United States.

The dollar topped 116 yen before pulling back slightly.

Fawad Razaqzada of Forex.com called the yen's slide "merely a continuation of the selling that came as a result of the Bank of Japan's surprise decision to increase its asset purchases program at the end of last month."

But adding to the momentum was a fall in the Japanese consumer confidence index for October, when a slight increase was anticipated, he said.