Forex summary: Dollar briefly falls to 159.10 yen range as reports suggest government supports early rate hike
In Tokyo foreign exchange trading Aug. 13, the dollar stood around 159.28 yen at 3:00 p.m., down nearly 0.10 yen from 5:00 p.m. the prior day. The euro traded around 183.57 yen, down about 0.30 yen against the yen.
The dollar hovered in the 159.30 yen range at 9:00 a.m. before moving around 159.40 yen. Shortly after 1:40 p.m., the dollar fell sharply against the yen to briefly touch 159.18 yen following reports that the Japanese government supports an early Bank of Japan rate hike to sustain the effects of joint Japan-U.S. currency intervention. This sparked dollar selling and yen buying on expectations that an early BOJ rate hike would narrow the Japan-U.S. interest rate differential. However, dip-buying for the dollar emerged in the mid-159 yen range, stabilizing the currency pair as selling pressure subsided.
Against the dollar, the euro traded around 1.1524 dollars, up slightly over 0.0010 dollars from the prior day.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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