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The Tokyo market responded to the calm trading session following the closure of the US market.
displaying a composed demeanor.
“The Tokyo market responded to a tranquil trading session following the closure of the US market, displaying a composed demeanor”
The USD/JPY pair exhibited resilience, maintaining its position around the 144 yen level. Commencing the morning session at 144.40 yen, it briefly touched 144.39 yen before ascending to 144.60 yen during the morning hours, indicative of overall stability.
Anticipations of multiple rate hikes in the US provided support on the downside. Despite the notable weakness witnessed in the US ISM Manufacturing Purchasing Managers’ Index on Monday, the decline remained contained, fostering a favorable climate for USD acquisitions. In the afternoon, a temporary correction occurred below 144.50 yen; however, USD buying resumed, propelling the pair to 144.60 yen.
The euro-dollar pair has exhibited a gradual descent since reaching the 1.0930 level in response to the weakness observed in the US ISM Manufacturing Purchasing Managers’ Index on Monday. After a brief flirtation with the 1.0890 mark in the morning, it slipped below 1.0870, marking the lowest level since the previous Friday. While caution lingers within the market sentiment, the range itself remains relatively narrow, albeit slightly bearish.
The euro-yen pair is currently trading within the upper 157 yen range, encountering resistance around the 158 yen mark.
Yesterday’s endeavors by Chinese authorities to stabilize the yuan, coupled with the morning’s depreciation of the USD by the People’s Bank of China, momentarily propelled the yuan to the 7.21 level against the dollar. However, feeble Chinese Caixin PMI data instigated a reversal, prompting a wave of yuan selling. During the afternoon, the pair maintained its position within the elevated range of 7.23 yen.
Kindly note that the provided information has been revised to reflect a serious tone suitable for economic business discussions. The text does not cite any specific sources or information.
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