2 min to read
The weakening of the yen has strengthened
and the USD/JPY pair has surpassed the previous day's high. In the foreign market.
“The yen has exhibited a noteworthy depreciation, resulting in a strengthening of the USD/JPY pair, which surpassed its previous day’s high”
The pair reached a level of 143.20 yen in the foreign market, propelled by the weakening yen. However, as the morning session approached, a temporary adjustment occurred, causing the pair to decline to around 142.81 yen. Subsequently, buying pressure emerged, leading to a fluctuation around the 143 yen mark. With the active participation of London traders, yen selling intensified once again, propelling the pair above the previous day’s high, reaching approximately 143.40 yen.
Similarly, the EUR/JPY pair, having achieved a level of 156.90 yen the previous day, experienced a slight adjustment as the Tokyo market entered the morning session. Mirroring the movement of the USD/JPY pair, it dropped to approximately 156.30 yen during the morning adjustment phase. Following this, due to selling pressure against the dollar, the pair remained in the lower range even during the afternoon. However, with the participation of London traders, yen selling increased, leading the pair to rise to around 156.80 yen.
As for the EUR/USD pair, it exhibited fluctuations around the 1.09 level. In the overseas market, it briefly recovered to the 1.10 level before the Tokyo market opened. Starting at around 1.0950 in Tokyo, the pair fell below this level during the adjustment phase of the EUR/JPY pair. Subsequently, selling pressure against the dollar persisted throughout the afternoon, reaching as low as 1.0927.
In the foreign market, the GBP/JPY pair surpassed the mid-182 yen level yesterday. Although it remained within the higher range for a period, yen buying in the morning session caused it to decline to around 181.70 yen. During the afternoon, selling pressure against the pound in relation to the dollar pushed the pair down to 181.65 yen. However, yen selling gained momentum thereafter, leading to a recovery above the 182 yen level.
Speculations have arisen regarding yesterday’s interest rate hike in Turkey, suggesting that it may have been insufficient. As a result, the Turkish lira experienced a shift from the level of 1 dollar = 24 lira in the foreign market to 25.48 in the morning session in Tokyo. Although some adjustment has taken place since then, the currency has maintained its position within the mid-25 lira range. Against the yen, the lira decisively broke the 6 yen milestone, reaching nearly 5.60 yen.
Notably, selling pressure has prevailed in China, as indicated by the Hang Seng Index in Hong Kong witnessing a temporary decline of over 400 points. While the Chinese market is currently closed, the offshore renminbi has exhibited a strengthening against the dollar and a weakening against the yuan, with the exchange rate reaching 1 dollar = 7.2286 yuan.
Visit XM Official Website.
