Month end dollar buying saw dollar-yen pressured to a recovery high of Y92.85 in NY Thursday, the rate then drifting off to Y92.65. Tokyo emerged with sell interest into their open, but this early selling then met Tokyo fix interest which lifted it back above Y92.60. Rate reversed to Y92.47 as rate took direction from the early negative move in the Nikkei, taking its lead from the close in Wall St. Nikkei recovery into the black saw rate push up to Y92.73 before it drifted lower through the Asian afternoon, the rate touching a low of Y92.44 ahead of the European open. Euro-yen closed in NY at Y120.96 before it recovered to Y121.27 in Asia. Rate drifted off to Y120.94 during the Asian afternoon, in tandem with dollar-yen. Asian traders have noted middle eastern demand emerging below Y121.00, but efforts to allow rate to build above Y121.00 seen meeting decent headwind supply into Europe.
EasyForexNews Research Team