In the New York market on 13 October, dollar-yen rose from around ¥158 to close at ¥158.47. Higher oil prices, stronger U.S. economic data and expectations that the Bank of Japan will hold off on a rate hike were among the factors behind the move.
In the New York foreign exchange market on the 13th, dollar-yen rose from ¥158.09 to ¥158.47 and closed at the high. Factors included the impact of higher oil prices resulting from escalating conflict in the Middle East and U.S. September existing home sales exceeding expectations. Dollar buying prevailed, with the move spreading to other currency pairs.
Euro-dollar rose from $1.1185 to $1.1205, while euro-yen rose from ¥176.88 to ¥177.38. Pound-dollar moved from $1.3238 to $1.3258, and dollar-Swiss franc moved from CHF0.8313 to CHF0.8333.
Comments by Federal Reserve Governor Waller that “higher yields work to restrain demand” and by New York Fed President Williams that “an additional rate hike this year is appropriate, but no rate hike is currently needed in 2027” were also cited as factors supporting dollar buying. However, the market reaction was subdued.