European FX: Dollar-yen loses momentum, while euro-dollar recovery remains sluggish

The story

In European currency trading, USD/JPY consolidated in the upper ¥159 range and remained just below ¥160. US long-term interest rates remain elevated, reflecting expectations of accelerated tightening in the US. The dollar is increasingly seen as difficult to sell.

Meanwhile, EUR/USD fell below 1.11 to its lowest level since April last year. The pair has been slow to recover and continues to trade at low levels.

The trading ranges so far were ¥159.82 to ¥159.95 for USD/JPY, ¥176.71 to ¥177.00 for EUR/JPY, and 1.1052 to 1.1068 for EUR/USD.

At a glance

USD/JPY levelFlat in the upper ¥159 range

European lowEUR/USD below 1.11, near its lowest level since April last year

Trading rangeUSD/JPY 159.82-159.95, EUR/JPY 176.71-177.00

Background factorUS long-term interest rates remain elevated, strengthening expectations of further US tightening

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