The yen fell back in the New York market on 14 September, ending trading in the mid-¥154 range per US dollar. Tensions in the Middle East and expectations of US rate hikes weighed on the yen, driving gains in crude oil and the dollar.
In the New York market on 14 September, the yen fell back and ended trading in a range of ¥154.25–¥154.35 per US dollar, with the closing level in the mid-¥154 range.
As tensions in the Middle East persisted, the US dollar was bought as a reserve currency and selling pressure on the yen prevailed.
Front-month WTI futures surged, reaching the ¥104 range at one point and rising to about 8.3% above the previous day's close.
Expectations of a Federal Reserve rate hike remained strong, and the prospect of monetary tightening at a future FOMC meeting became a factor in selling the yen and buying the dollar. However, the market was also seen as potentially reacting differently if dovish signals emerged.
The yen was also sold against the euro, ending at ¥178.20–¥178.30 per euro. The euro fell against the dollar for a third consecutive day, reaching $1.1523 at one point, near its monthly low, while it traded at $1.1545–$1.1550 at the close.