In Tokyo trading on the 12th afternoon, dollar-yen was little changed at the ¥158 level, while sterling was firm against the major currencies. A rating agency is reported to have affirmed the UK's sovereign rating, with no change to the outlook.
In Tokyo trading on the 12th afternoon, dollar-yen remained little changed around ¥158.30. Sterling, meanwhile, showed strength against the dollar, yen and euro. Market participants are reportedly viewing the rating agency's decision to affirm the UK's sovereign rating favorably. At present, dollar-yen had traded in the ¥158.07–¥158.40 range, euro-yen in the ¥177.18–¥177.46 range, and euro-dollar in the 1.1193–1.1217 dollar range.
Looking ahead, the rating affirmation is being viewed as a stabilizing factor for sterling, although the initial drivers of the foreign-exchange market may continue to vary depending on international economic indicators and monetary policy developments. Market participants continue to monitor movements in the major currencies and their reaction to economic news.