Some dollar buying was seen in the London market, but dollar/yen traded in a narrow range in the low ¥157s. With NY crude oil softening and moves in long-term US yields limited, major currencies posted only small moves.
Dollar buying prevailed in the London market, and dollar/yen briefly rose to the high ¥157s before immediately falling back to the mid-¥157s. Crude oil futures softened from the NY market level, moving from the $94 range to the $92 range, while the US 10-year Treasury yield remained broadly in the 5.22–5.26% range. While the market continued to price in expectations for an early rate hike by US monetary authorities, caution over yen-buying intervention remained strong.
Euro/dollar softened slightly to the low 1.13s, while pound/dollar eased to the mid-1.32s. Euro/yen fell from the high ¥179s to the mid-¥178s, and cross-yen pairs were generally subdued.
A mood of holding back from trading spread ahead of month-end, and market activity was somewhat restrained ahead of the release of US employment-related data at the end of the week. Dollar/yen remained in a narrow range near the previous day’s New York close, with activity potentially resuming depending on the US employment data.