Dollar-yen in the New York session briefly moved toward yen strength and dollar weakness following remarks by Takada (高田), a Bank of Japan Policy Board member. It is subsequently expected to recover ahead of the results of the August ADP National Employment Report.
Yen buying temporarily intensified in the New York market following hawkish remarks by Takada (高田), a Bank of Japan Policy Board member, but dollar buying may resume depending on the results of the August ADP National Employment Report.
In the Tokyo market, dollar-yen rose, reaching 160.39 yen at one point, taking its cue from movements in the U.S. 10-year Treasury yield, before plunging to 159.44 yen after remarks by Takada (高田). It has subsequently traded in the upper 159-yen range.
The ADP employment report due tonight is viewed as a precursor to the employment report at the end of the week as a private-sector employment indicator. The market will use the results to assess movements in U.S. interest rates and the dollar.
The expected range for dollar-yen is capped at 160.88 yen, with a floor of 158.88 yen.
Only facts stated in the article have been used.