Tokyo forex: Dollar briefly rises above 160.20 yen before retreating on Iran ceasefire deal

The dollar traded around 160.04 yen at 3:00 p.m. in Tokyo on the 15th, down more than 20 sen from late Friday on dollar weakness and yen strength. The euro fetched around 185.92 yen, up more than 50 sen on euro strength and yen weakness.

U.S. President Trump posted on social media early on the 15th Japan time that a ceasefire agreement had been reached with Iran. Iranian media also reported that the wording of a memorandum of understanding with the U.S. had been finalized, with a formal signing ceremony scheduled in Switzerland on the 19th. This triggered an unwinding of safe-haven dollar buying, pushing the currency down to around 159.70 yen at around 7:00 a.m. and to the 159.90 yen range around 9:00 a.m. However, the dollar climbed back above 160.20 yen shortly after 11:10 a.m. With central bank meetings scheduled in both Japan and the U.S. this week, alongside growing expectations of a U.S. rate hike before year-end, dip-buying demand for the dollar strengthened. Heading into 3:00 p.m., the dollar eased back to around 160.00 yen.

Against the dollar, the euro traded around 1.1616 dollars, up just under 0.0050 dollars on euro strength and dollar weakness.

Source: MINKABU PRESS

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