FX Summary: Dollar rises to upper \158 range amid growing concerns over ceasefire agreement
The dollar traded at \158.84 against the yen as of 3:00 p.m. in the Tokyo foreign exchange market on the 9th, up over 60 sen (\0.60) from \158.24 at 5:00 p.m. the previous day. The euro was at \185.23, up over 20 sen (\0.20) against the yen.
The dollar-yen pair was trading around \158.60 as of 9:00 a.m., before rising to around \158.95 shortly after 10:20 a.m. On the 8th, the United States and Iran agreed to a two-week ceasefire contingent on the resumption of navigation through the Strait of Hormuz. However, Israel continued its strikes on Lebanon, and Iran warned it would destroy any vessels attempting to transit the strait without authorization ? with reports indicating the waterway remains effectively blockaded. Against a backdrop of persistently elevated crude oil prices, growing skepticism over the durability of the ceasefire prompted safe-haven dollar buying. The pair pulled back to the \158.60 range shortly after 1:20 p.m., before dollar buying regained momentum thereafter.
The euro was trading at around $1.1660 against the dollar, down over $0.0030.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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