In the Tokyo market on the afternoon of the 31st, USD/JPY held above its lows and rebounded to the ¥159.80 range. Crude prices remained elevated, while European currencies struggled to gain against the dollar.
In the Tokyo market, USD/JPY was seen recovering to the mid-¥159 range, with the day's trading range narrowing to ¥159.73–¥160.20. The view is that the loss of momentum in the U.S. 10-year Treasury yield is restraining aggressive dollar buying.
Meanwhile, although NY crude oil futures have at times paused in their advance, WTI is currently holding near $85, and some observers say conditions remain unlikely to trigger dollar selling.
European currencies continued to struggle against the dollar, acting as a factor limiting movements in USD/JPY. Against this backdrop, USD/JPY was trading broadly in the ¥159.73–¥160.20 range, EUR/JPY at ¥185.17–¥185.58, and EUR/USD at 1.1579–1.1594.
This report is a summary of market trends prepared by FISCO and refers to FISCO's distribution as related news.