FX Roundup: U.S. Dollar Climbs to the Upper 159 Yen Level Amid Rising U.S. Crude Oil Futures

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Tue Apr 7, 2026 3:20 pm JST Currency

The U.S. dollar traded at \159.76 as of 3:00 PM in the Tokyo foreign exchange market on the 7th, up approximately 40 sen (\0.40) from the 5:00 PM close the previous day. The euro was little changed at \184.31.

On the U.S.-Iran ceasefire negotiations front, the deadline for talks was set for 9:00 AM Japan Standard Time on the 8th. While Iran rejected the peace proposal, U.S. President Trump warned that all Iranian bridges could be targeted for destruction. Against this backdrop of heightened uncertainty surrounding the negotiations, WTI (West Texas Intermediate) front-month May crude oil futures rose during Asian trading hours on the 7th, briefly surging into the $116 per barrel range. This fueled safe-haven dollar demand, providing upward momentum to the dollar-yen pair. During the morning session, actual dollar-buying demand from domestic importers and other market participants temporarily pushed the pair into the upper \159 range, touching the \159.90 level. However, with the possibility of a U.S.-Iran ceasefire agreement still alive, appetite for further dollar buying remained constrained. After the initial rally faded, trading activity shifted primarily to position-squaring flows.

The euro slipped to $1.1535 against the dollar, down approximately $0.0029 from the prior day's close.

Source: MINKABU PRESS