Dollar-yen rebounds from 159.28 Tokyo low as 160 intervention fears loom

Dollar-yen rebounded from 159.28 yen in Tokyo afternoon trading on the 19th and steadied in the lower 159 yen range as firm crude oil prices and higher U.S. long-term yields supported the greenback, even as concern over currency intervention (official buying or selling of yen) limited upside near 160. Euro-yen slipped from 184.79 yen to 184.54 yen before edging back to around 184.60 yen, while euro-dollar held between $1.1569 and $1.1587 near $1.1575; through the afternoon, the yen was the session's strongest major currency, followed by the euro and then the dollar. In the previous day's Tokyo session on the 18th, dollar-yen briefly reached 159.74 yen, but broader yen selling was restrained by intervention caution. Traders are still balancing Federal Reserve (U.S. central bank) rate-cut expectations against speculation over additional Bank of Japan (Japan's central bank) rate hikes, with Middle East-driven oil strength underpinning the dollar and intervention concerns capping gains.

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