In the New York foreign exchange market on the 26th, the yen weakened to the mid-¥157 range per dollar. Trading stood between ¥157.43 and ¥157.53 as of 5 p.m., with markets broadly remaining on the sidelines ahead of the U.S. monetary policy decision.
In Monday's New York market on the 26th, the weaker-yen, stronger-dollar trend continued, with the yen trading in the mid-¥157 range per dollar throughout the day. The yen was quoted at ¥157.43 at the start of trading in New York and thereafter remained between ¥157.43 and ¥157.53. The yen was down 66 sen against the dollar from the previous weekend.
With the U.S. Federal Open Market Committee (FOMC) and the Bank of Japan's monetary policy meeting scheduled for this week, markets showed a marked reluctance to trade aggressively. There was also speculation that the flow of yen selling and dollar buying had continued ahead of these events.
According to CME Group's FedWatch, as of the afternoon of the 26th, markets broadly expected the FOMC to leave its policy rate unchanged this week. Attention was focused on moves in long-term U.S. yields and crude oil futures, as well as the upcoming release of the advance U.S. GDP estimate and the PCE price index.
The euro was around $1.11 against the dollar and around ¥175.09 to ¥176.06 against the yen. The euro-dollar rate was corrected and has been reported again.