The dollar-yen pair fell as low as ¥153.96 in Tokyo trading on the afternoon of the 11th, then consolidated its downside in the upper ¥153 range. It was temporarily soft on lower US yields and movements in crude oil, but buying returned to the upper ¥153 range, lifting the pair back into the ¥154 range.
The dollar-yen pair fell as low as ¥153.96 in Tokyo trading on the afternoon of the 11th, but its downside remained firm. NY crude oil futures (WTI) faltered around $101, and the momentum behind dollar buying temporarily weakened.
The dollar was subsequently bought again in the ¥153 range and returned to the ¥154 range. The euro-yen pair traded in a range of ¥178.80 to ¥179.54, while the euro-dollar pair moved between $1.1605 and $1.1617.
The day’s trading range was ¥153.96 to ¥154.61 for dollar-yen, while the other currency pairs also remained within similarly narrow ranges. With the market watching US interest-rate trends and movements in crude oil prices, currencies saw an ongoing tug-of-war between buying back and selling pressure.
Market participants were reported to have said that although dollar buying temporarily receded because of the decline in US yields, the currency showed resilience in holding the ¥153 range. Attention is expected to remain focused on movements in crude oil and US interest rates.