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U.S. forex market summary: "Safe-haven dollar buying" dominates, temporarily rising to 157.20 yen range

Tue May 12, 2026 7:55 am JST Currency

The dollar-yen exchange rate in the New York foreign exchange market on the 11th closed at around 157.19 yen per dollar, approximately 50 sen higher in dollar and lower in yen compared to the end of the previous week. The euro stood at around 185.20 yen per euro, approximately 55 sen higher in euro and lower in yen.

U.S. President Trump criticized Iran's response to the U.S. proposal for ending hostilities as "foolish" on the 11th. Amid a surge in U.S. crude oil futures due to expectations of a prolonged de facto blockade of the Strait of Hormuz, rising U.S. long-term interest rates driven by concerns over mounting inflationary pressure provided buying support for the dollar. Although the dollar's upside was weighed down after the National Association of Realtors (NAR) reported U.S. existing home sales for April that fell short of market expectations, safe-haven dollar buying resumed following a report by U.S. news site Axios that "President Trump will hold a meeting with his national security team on the 11th to discuss future responses, including the possibility of resuming military action against Iran." The dollar-yen pair temporarily rose to 157.27 yen.

The euro traded at around 1.1783 dollars per euro against the dollar, approximately 0.0004 dollars lower in euro and higher in dollar compared to the end of the previous week.

Source: MINKABU PRESS

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

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