Dollar-yen remained rangebound in European trading, with selling pressure strengthening at times in the ¥157 range. With long-term US interest rates remaining elevated, movements in the dollar were limited.
Dollar-yen lacked direction in European trading and moved around ¥157. Selling of dollars and buying of yen intensified at times in the ¥157 range, but the pair remained broadly rangebound.
Dollar-yen traded between ¥156.86 and ¥157.08, euro-yen between ¥178.01 and ¥178.37, and euro-dollar between $1.1346 and $1.1360.
Long-term US interest rates remained elevated at around 5.22%, making it difficult to sell the dollar. Crude oil prices also remained firm and could affect the performance of risk assets across the market.
Against this backdrop, the European FX market continued to lack a clear short-term direction.