The New York market was subdued ahead of key events. Dollar-yen remained stuck in the low ¥159 range, while euro-dollar held around $1.167 and euro-yen stayed in a narrow range in the upper ¥185s.
In the New York market on the 25th, dollar-yen remained locked around ¥159.22, centered in the ¥159.20 range, with no clear direction. Euro-dollar was $1.1674 and euro-yen was ¥185.88, with both showing little change.
A wait-and-see mood has spread ahead of the July PCE deflator due on the 26th and Fed Chair Warsh's speech at the Jackson Hole meeting, which opens on the 28th. The trading ranges were ¥159.05–¥159.49 for dollar-yen, $1.1651–$1.1675 for euro-dollar and ¥185.51–¥185.95 for euro-yen.
The 25th's market movements were influenced by the outlook for the situation in the Middle East and trends in long-term interest rates. There is speculation that the market's near-term direction could change depending on the content of speeches at the Jackson Hole meeting. Market participants are holding off on position adjustments ahead of the events.
The next focus will be the PCE deflator and the content of the Jackson Hole speeches. While some market participants believe these could determine dollar-yen's near-term momentum, caution about making definitive moves remains firmly entrenched.