NY FX: Pricing in a Federal Open Market Committee (FOMC) rate hike

The story

In the US and Japanese markets on the 21st, dollar-yen rose from the lower to the upper half of the ¥157 range in the New York foreign exchange market, reaching ¥157.53 by the close. Dollar buying dominated as markets priced in an FOMC rate hike.

At a glance

Currency moveIn the New York market on the 21st, dollar-yen rose from ¥157.17 to ¥157.53, where it closed.

NatureDollar buying prevailed as markets priced in an FOMC rate hike.

FactorRemarks by President Trump and reports of developments related to US-Iran diplomacy led to lower oil prices and US yields, prompting dollar buying to recede.

Trading rangeEuro-dollar rose to $1.1496 before falling back to $1.1462.

Other currency movementsEuro-yen moved from ¥180.80 to ¥180.48, pound-dollar from 1.3400 to 1.3365, and dollar-Swiss from 0.8229 to 0.8206.

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