Dollar-yen selling pressure eases near 158.38 ahead of FOMC minutes

Dollar-yen selling pressure eased in New York trading on the 19th, with the pair at 158.38 yen per dollar as of 2:00 a.m., about 0.03 yen firmer than its midnight level of 158.35 yen. The pair briefly reached 159.64 yen before falling as U.S. long-term yields declined, then found support at 158.05 yen. Trading was subdued ahead of the Federal Open Market Committee (FOMC), the U.S. Federal Reserve’s rate-setting panel, minutes from its July 28-29 meeting, which investors viewed as a potential guide to the future direction of monetary policy. Euro-dollar held near elevated levels at $1.1669, while euro-yen stood at 184.81 yen after briefly reaching 184.89 yen. The day’s ranges were 158.05 yen to 159.64 yen for dollar-yen, $1.1570 to $1.1677 for euro-dollar and 183.93 yen to 184.89 yen for euro-yen.

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