Dollar/yen extended its gains in European trading, briefly rising to ¥158.80. Expectations of an early rate hike by the U.S. Federal Reserve are supporting dollar buying, while euro/dollar has fallen to around $1.1360.
Dollar/yen maintained its upward trend in European trading, briefly rising to ¥158.80. The view is gaining ground in the market that expectations of an early rate hike by the Federal Reserve are encouraging dollar buying.
Against this backdrop, euro/dollar fell to around $1.1360. Euro/yen rose in tandem with dollar/yen, but gains were limited as traders kept a close watch on euro/dollar.
The trading ranges so far were ¥158.11 to ¥158.80 for dollar/yen, ¥180.22 to ¥180.61 for euro/yen, and $1.1361 to $1.1399 for euro/dollar.