European FX: Dollar-yen decline pauses, but rebound remains sluggish | FX & Forex News

In European trading, dollar-yen fell from ¥157.23 to ¥156.50 and continued to show little recovery. The yen-buying tone persisted, while cross-yen pairs likewise traded within ranges.

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The story

In European trading, dollar-yen fell sharply from ¥157.23 to ¥156.50, after which selling paused and the dollar remained weak on any recovery. Euro-yen moved between ¥178.19 and ¥178.99.

The dollar's rebound buying was apparently driven by higher US interest rates amid expectations of an early Federal Reserve rate hike, and the dollar's overall movement showed a degree of pushback.

The trading ranges so far are ¥156.50-¥157.23 for dollar-yen, ¥178.19-¥178.99 for euro-yen and $1.1373-$1.1390 for euro-dollar.

At a glance

European developmentsDollar-yen fell sharply from ¥157.23 to ¥156.50, then showed little recovery.

Trading rangeDollar-yen traded in a range of ¥156.50-¥157.23.

Cross-yen ratesEuro-yen traded in a range of ¥178.19-¥178.99.

Euro/dollarEuro-dollar traded in a range of $1.1373-$1.1390.

FactorsThe dollar was bought back as higher US interest rates, driven by expectations of an early rate hike by the Federal Reserve, supported the currency.

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