During the London morning session, yen strength and dollar weakness crossed paths, while GBP/USD extended its gains to around 1.3250. Governor Bailey's suggestion of a Bank of England rate hike is also believed to be a factor.
The London morning foreign exchange market was marked by yen strength and dollar weakness. Remarks by Finance Minister Katayama (片山) that the authorities would take resolute action against excessively speculative movements, along with remarks by Takaichi (高市) concerning yen weakness, were cited as market factors.
GBP/USD rose to around today's high of 1.3250. Remarks by Bank of England Governor Bailey were interpreted as suggesting that if elevated energy prices persist for an extended period, it would become difficult to maintain the current monetary policy stance.
EUR/USD also renewed its high and was trading around 1.1401. NY crude oil futures were around $93, while the US 10-year Treasury yield was around 5.17%.
Against a backdrop of yen strength and dollar weakness, yen crosses fluctuated nervously. EUR/JPY was trading around ¥180 and GBP/JPY around ¥209.