Dollar buying prevailed in the London market, and against the backdrop of higher crude oil prices, USD/JPY rose to the upper ¥158 range. EUR/USD was pushed down to the upper 1.11 range, while other currency pairs also showed movement.
Dollar buying prevailed in the London market, and against the backdrop of safe-haven demand for the dollar and higher crude oil prices, USD/JPY rose to the upper ¥158 range. EUR/USD continued to soften from the lower 1.12 range to the upper 1.11 range, while GBP/USD also remained somewhat weak. The dollar index moved only slightly.
EUR/JPY rose from its Asian-session low in the upper ¥177 range to around ¥177.57 in early London trading. It then traded in the lower ¥177 range. GBP/JPY remained near its highs at times, but overall price movements took place amid thin trading.
Uncertainty remained over tensions in the Middle East and the situation in Ukraine, and views were expressed that higher crude oil prices would heighten inflation concerns. The suspension of U.S. Treasury trading also contributed to a lack of trading cues.
Although dollar buying and higher crude oil prices appeared to be moving in tandem, cross-yen pairs at times moved toward a weaker yen, while overall activity remained subdued.