U.S. forex market summary: Dollar trades mostly in 159.20 yen range without clear direction
The dollar-yen exchange rate in New York trading on May 29 closed at around 159.27 yen, up about 0.03 yen from the previous day. The euro stood at around 185.67 yen, up about 0.15 yen against the Japanese currency.
While U.S. officials revealed on May 28 that a provisional agreement had been reached to end hostilities with Iran, the dollar-yen rate lacked a clear direction as market participants assessed the course of the discussions, trading mostly in the 159.20 yen range. However, dollar buying was supported by comments from Federal Reserve officials, including Vice Chair Bowman and Minneapolis Fed President Kashkari, who signaled the possibility of future interest rate hikes. The pair briefly rose to 159.35 yen after the Chicago Purchasing Managers Index for May exceeded market expectations. Nevertheless, upside momentum later waned as the 159.38 yen level touched in the Tokyo market earlier that day acted as a ceiling.
The euro traded at around 1.1659 dollars against the greenback, up about 0.0008 dollars from the previous day.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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