Dollar-yen paused its advance in the Tokyo market this afternoon, reaching a high of ¥158.73 before edging lower. Meanwhile, dollar-buying momentum is expected to continue, with the ongoing turmoil in the Middle East also providing a backdrop.
Dollar-yen paused its advance in the Tokyo market on the afternoon of the 20th, edging lower after reaching its recent high of ¥158.73. The trading range was broadly ¥158.03 to ¥158.73, and continued dollar buying is expected.
Euro-yen traded in a range of ¥184.58 to ¥185.24, while euro-dollar moved between 1.1670 and 1.1683. Yen-based moves were limited, suggesting that the overall dollar-strength trend may continue.
In the oil market, NY crude oil futures (WTI) held firm in the $84-per-barrel range, supporting dollar buying. The turmoil in the Middle East is expected to continue and served as a catalyst for activity across the markets.
Going forward, market trends are expected to focus on range trading in foreign exchange alongside expectations for continued dollar buying.