Dollar Steadies in Mid-157 Yen Range in New York FX Market; Safe-Haven Dollar Buying Recedes on Hopes for Middle East Calm
Digital FinanceMacro
The dollar traded steadily in the mid-157 yen range in the New York foreign exchange market. The yen settled against the dollar following last week's coordinated intervention by Japan and the US, while rekindled hopes for an end to hostilities between the US and Iran caused safe-haven dollar buying to recede, leaving the dollar near six-week lows against major currencies. US Treasury Secretary Bessent said the US would do whatever is necessary to support Japan's currency stability, and noted that the yen's undervaluation could lead to competitive currency devaluation. The market showed some skepticism about the long-term effectiveness of the intervention, with voices saying the bar for additional intervention is rising. The yen was 0.15% stronger at 157.53 per dollar, the dollar index was down 0.12% at 99.67, and the euro was up 0.15% at 1.1551 dollars.
