In the New York FX market overview for 6 October, dollar-yen rose to the high ¥158 range before retreating. Remarks by the US Treasury secretary, the widening trade deficit and diminished expectations for a Bank of Japan rate hike moved the market.
In the New York foreign exchange market on the 6th, dollar-yen rose to ¥158.22 before falling back to ¥157.92. Remarks by US Treasury Secretary Bessent (Scott Bessent), the fact that the US August trade deficit widened more than expected, and expectations of restrained GDP growth in the fourth quarter pushed long-term interest rates lower, with dollar selling prevailing.
Euro-dollar rose to $1.1277 before falling back to $1.1244. Against the backdrop of developments in French government bonds, movements in European bond yields stabilised, creating conditions in which the euro was prone to be bought back. Euro-yen rose to ¥178.34 before falling back to ¥177.73, while pound-dollar rose from $1.3261 to $1.3286.
The yen's weakening trend continued, with dollar-swiss rising from CHF0.8300 to CHF0.8326. Remarks by Governor Ueda and board member Sato Ayano (佐藤綾野) reduced expectations of aggressive Bank of Japan rate hikes, leaving limited factors to contain yen weakness. The crude oil market staged a modest rebound.