Foreign exchange summary: Dollar holds steady near 159.30 yen amid demand on Goto day
The dollar traded around 159.29 yen at 10:00 a.m. in Tokyo on May 29, down nearly 0.20 yen from 5:00 p.m. the previous day.
In New York on May 28, the dollar closed around 159.24 yen, down nearly 0.30 yen from the previous day. Following reports that the United States and Iran agreed to extend a ceasefire, speculation over progressing negotiations briefly pushed the rate down to 159.12 yen.
However, the outlook for negotiations remains uncertain after Iranian state television reported early on May 29 that "U.S. aircraft were destroyed," helping the dollar show resilience to the downside in Tokyo. The rate briefly touched 159.31 yen shortly after 9:00 a.m., driven by commercial dollar-buying demand from domestic importers on a "Goto-bi" settlement day (dates ending in 5 or 10). Meanwhile, Tokyo's core consumer price index (CPI), which excludes fresh food, rose 1.3% year-on-year in May, marking a sixth consecutive month of decelerating growth, but market reaction to the government data was limited.
The euro stood around 1.1649 dollars, up nearly 0.0040 dollars from 5:00 p.m. the previous day. Against the yen, it traded around 185.55 yen, up nearly 0.40 yen.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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