In Tokyo trading on the 14th, dollar-yen moved sideways in the low ¥158 range ahead of the U.S. CPI release. The rate was around ¥158.34 per dollar as of 5 p.m., up 13 sen from the previous day.
In Tokyo foreign-exchange trading on the 14th, dollar-yen moved sideways in the low ¥158 range on indicative prices. The rate was around ¥158.34 per dollar as of 5 p.m., approximately 13 sen higher than the previous day. The dollar had briefly fallen to the ¥157.80 range in overseas trading the previous day, but was bought back against a backdrop of higher oil prices and rising U.S. long-term interest rates, recovering to the ¥158.40 range. Toward the end of trading, it moved slightly in the ¥158.20–30 range.
The dollar strengthened in the morning on higher oil prices and real-demand buying, but failed to break above ¥158.50, viewed as a resistance level, and some market participants said the market lacked direction. The market was strongly inclined to stay on the sidelines ahead of the U.S. CPI release. The euro rose against the yen, trading at ¥177.32–34 per euro and $1.1198–1199 per euro as of 5 p.m.
There was also speculation that dollar buying and yen selling ahead of the Tokyo fixing had prevailed during Tokyo hours. Although the dollar rose at one point to around ¥158.50, selling pressure strengthened again and it fell to the ¥158.10 range. It was bought back somewhat in the afternoon and recovered to the ¥158.20–30 range.
Market participants continued to wait for the U.S. CPI, and the dollar often traded without breaking through ¥158.50, a recent upside target. The market as a whole lacked direction, partly because of developments in Europe and the Middle East.
In European trading, the euro was bought against the dollar and also rose against the yen. As of 5 p.m., it was trading at ¥177.32–34 per euro and $1.1198–1199 per euro.