The dollar-yen exchange rate in the New York foreign exchange market on the 8th closed at around \158.57 per dollar, approximately \1.05 lower for the dollar and higher for the yen compared to the previous day. The euro stood at around \184.95 per euro, roughly \10 weaker for the euro and stronger for the yen.

Following the two-week ceasefire agreement between the United States and Iran, unwinding of long dollar/short yen positions built up through "risk-off dollar buying" accelerated. The sharp drop in crude oil futures on the New York Mercantile Exchange (NYMEX) eased concerns about deterioration in Japan's trade balance, further supporting the yen, with the dollar-yen rate touching \157.89 at its low. However, reports emerged that "Iran is considering withdrawing from the ceasefire agreement if Israel continues to violate it through attacks on Lebanon," and Iranian Parliament Speaker Ghalibaf posted on social media that "the ceasefire agreement with the United States has been broken," underscoring the continued instability in the Middle East. The dollar's decline slowed following the initial selloff. The Federal Reserve's release of the March FOMC minutes on the same day, which revealed heightened recognition among policymakers that further interest rate hikes may be necessary, also lent support to the dollar.

The euro traded at around $1.1663 per euro against the dollar, approximately $0.0070 stronger for the euro and weaker for the dollar compared to the previous day.

Source: MINKABU PRESS

*Translated by generative AI. Click here for the original article.