In New York trading on 23 September, the dollar rose against the yen from ¥157.76 to around ¥158.40 before losing momentum near the close. Crude oil rebounded, while U.S. PMI data came in well above expectations.
In New York foreign exchange trading on the 23rd, the dollar-yen pair rose from ¥157.76 to ¥158.40 to close higher. In addition to the rebound in crude oil prices, dollar buying was supported by U.S. September PMI data, which exceeded expectations and reached a five-year high. Comments by Fed Governor Barr suggesting the possibility of further rate hikes and weak demand at the five-year Treasury auction pushed long-term yields higher, while the yen temporarily recovered from its lows.
The euro-dollar pair subsequently fell from $1.1416 to $1.1370, while the euro-yen pair retreated from the upper ¥180s to ¥180.02 at one point. The yen was bought back at times amid concerns that authorities might intervene to curb yen depreciation, while the dollar's overall firmness was pronounced.
Crude oil futures rebounded, with developments in U.S.-Iran talks drawing market attention, partly in response to speeches at the United Nations General Assembly. U.S. PMI figures were firm, with manufacturing at 57.0 versus expectations of 53.7, services at 58.7 versus 55.8, and the composite index at 58.4 versus 55.3. These factors supported dollar buying and also influenced movements in the yen and other currencies.