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U.S. forex market summary: Dollar softens to 159.30 yen range on U.S.-Iran talks speculation

Mon Apr 27, 2026 7:55 am JST Currency

The dollar-yen exchange rate in the New York foreign exchange market on the 24th closed at around 159.38 yen per dollar, down more than 30 sen from the previous day. The euro traded at around 186.86 yen per euro, up nearly 30 sen against the yen.

Following reports by Iran's state-run IRNA news agency that "Foreign Minister Araghchi will visit Islamabad, Muscat, and Moscow starting on the 24th," speculation spread that peace talks between the United States and Iran could resume soon in Pakistan. Dollar selling flowed in as crude oil futures fell on the New York Mercantile Exchange (NYMEX) and U.S. long-term interest rates declined. The U.S. Department of Justice announced it would conclude its investigation into Federal Reserve Chairman Powell, and speculation that the approval process for Kevin Warsh, a former Fed governor and candidate for the next Fed chair, would advance and lead to active discussions on resuming rate cuts also weighed on the dollar. When Reuters reported that "President Trump will dispatch Middle East envoy Witkoff and his son-in-law Jared Kushner to Pakistan in the near future to hold talks with Iran's Foreign Minister Araghchi," unwinding of "safe-haven dollar buying" pushed the dollar-yen rate down to 159.31 yen at one point.

The euro traded at around 1.1722 dollars per euro against the dollar, up approximately 0.0040 dollars from the previous day.

Source: MINKABU PRESS

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

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