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The movement of the dollar against the yen remained stable.
due to the closure of the US market.
“The closure of the US market had a stabilizing effect on the dollar-yen exchange rate, maintaining a steady trajectory. As anticipated, Australia opted to keep its interest rates unchanged”
Yesterday, the US ISM Manufacturing Purchasing Managers’ Index (PMI) fell below expectations, prompting a widespread sell-off of the dollar. Consequently, the dollar temporarily slipped below the 144 yen mark. However, a swift resurgence occurred as buying pressure surged, propelling it back to the mid-144 yen range. During the Tokyo morning session, the buying pressure subsided from its initial low, leading to intensified selling of the dollar and increased yen demand, resulting in an exchange rate of 144.40 yen. Subsequently, further buying pressure pushed it up to 144.60 yen, leading to a period of consolidation.
Today, as the US celebrates Independence Day, market participation is subdued, leading to relatively limited movements. Although there is a strong support level on the downside, there lacks the necessary momentum to push the dollar above 145 yen for sustained buying and yen selling activities.
The monetary policy meeting of the Reserve Bank of Australia concluded at 13:30, aligning with widespread expectations by maintaining the policy interest rate unchanged. In the lead-up to the announcement, there was a widespread anticipation of an interest rate hike, fueled by the release of the Australian Consumer Price Index last week. Consequently, the Australian dollar faced selling pressure following the announcement. The AUD/USD pair declined from around 0.6680 dollars to the 0.6640-dollar range, while the AUD/JPY pair briefly touched the 96.00 yen level, down from approximately 96.70 yen.
The euro-dollar exchange rate settled around 1.0900, demonstrating a stable movement. Throughout the morning, it traded within the range of 1.0910. Although some resistance is evident on the upside, the price range remains relatively contained.
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