Dollar-yen exchange rate outlook: Nervous trading expected around 160 yen level
The dollar-yen exchange rate is expected to test the 160 yen level from tonight through tomorrow, with the forecast range set between 159.30 and 160.30 yen.
Earlier today, the pair temporarily touched the 160 yen mark, hitting its highest level since April 30. Rising crude oil prices amid growing geopolitical uncertainty in Iran fueled safe-haven dollar buying. However, with the market on high alert for potential currency intervention by the Japanese government and the Bank of Japan near the 160 yen line, nervous trading is expected to persist. Key U.S. economic data due tonight includes the May ADP National Employment Report, the May ISM Services PMI, and the Federal Reserve's Beige Book.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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