In the New York market on 29 October, USD/JPY briefly reached the 158 range before falling back. U.S. economic data came in firm, crude oil declined, and the ECB's decision to leave interest rates unchanged was also a market factor.
In the New York foreign exchange market on the 29th, USD/JPY rose to ¥158.13 before falling back to ¥157.71. The U.S. September core PCE price index accelerated as expected, while preliminary U.S. GDP for July–September grew more than expected, resulting in broad-based dollar buying.
EUR/USD fell to 1.1105 before rebounding to 1.1174. The ECB decided to leave its policy rate unchanged at its regular Governing Council meeting. Reports that President Lagarde's press conference suggested factors that could support a rate hike briefly strengthened euro buying.
USD/CHF rose to CHF0.8296 before falling back to CHF0.825. EUR/JPY moved from 175.45 to 176.41, while GBP/USD moved from 1.3300 to 1.3380.
NY crude oil futures fell back. Reports that U.S. Vice President Vance had sent a letter to Iranian hardliners urging them to resume negotiations raised hopes for a diplomatic solution, weighing on crude oil prices.