USD/JPY edged higher in European trading on the 11th, reaching 159.06 yen at 20:00. Dollar buying prevailed against a backdrop of expectations for a US rate hike, while the euro remained soft against the dollar and EUR/JPY fell temporarily.
USD/JPY continued to edge higher in European trading, reaching 159.06 at 20:00. It was up approximately 0.19 yen from the previous day, briefly moving above 159 and reaching its highest level since 2 September. The backdrop appears to be renewed demand for the dollar following stronger expectations for a US rate hike.
EUR/USD was soft, at 1.1138 at 20:00. Compared with 1.1155 at 17:00, this represented a decline of approximately 0.0017 in the euro against the dollar, as expectations of an early US rate hike weighed on the market. EUR/JPY temporarily fell into the 176 range, reaching 177.16 at 20:00, with an intraday low of 176.84.
The move in USD/JPY also affected the yen market overall, but the firm tone in the dollar provided support, allowing USD/JPY to maintain its upward bias.
As of today, the reference ranges were USD/JPY 158.67–159.08, EUR/USD 1.1132–1.1170 and EUR/JPY 176.84–177.48.
The price movements above are based on reports from overseas markets, and subsequent updates may indicate new levels.