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U.S. forex market summary: Dollar rises to upper 159 yen range on higher crude oil prices

Tue May 19, 2026 7:55 am JST Currency

The dollar-yen exchange rate in the New York foreign exchange market on the 18th closed at around 158.82 yen per dollar, approximately 8 sen higher in dollar terms and weaker in yen terms compared to the previous week's end. The euro traded at around 185.11 yen per euro, about 60 sen higher in euro terms and weaker in yen terms.

Reports emerged that "Pakistani sources conveyed on the 18th a revised proposal from Iran to the United States regarding the end of the Middle East conflict," leading to a pause in the rise of crude oil futures as views spread that negotiations toward ending hostilities between the U.S. and Iran were progressing. Amid easing inflation concerns, the dollar-yen pair weakened to 158.61 yen at one point. However, the dollar found support after the National Association of Home Builders (NAHB) released improved May housing market index figures. When U.S. news site Axios reported that "U.S. government officials indicated that Iran's new proposal was insufficient," dollar buying flowed in as U.S. crude oil futures recovered, pushing the pair up to 159.08 yen at one point. Meanwhile, euro buying against the dollar dominated as U.S. long-term interest rates declined, which in turn led to euro buying against the yen as well.

The euro traded at around 1.1656 dollars per euro against the dollar, approximately 0.0030 dollars higher in euro terms and weaker in dollar terms compared to the previous week's end.

Source: MINKABU PRESS

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

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