The U.S. dollar rebounded to around the 118 yen line Wednesday morning in Tokyo as solid U.S. manufacturing data continued to provide support, after falling overnight from a three-week high it hit in New York.
At noon, the dollar fetched 117.96-97 compared with 117.69-79 yen in New York at 5 p.m. Tuesday. Japanese financial markets were closed Monday and Tuesday for New Year holidays.
The euro was quoted at $1.0405-0405 and 122.74-78 yen against $1.0401-0411 and 122.48-58 yen in New York late Tuesday afternoon.
After falling overnight from 118.60 yen, its highest level since Dec. 15., the dollar erased much of its losses against the yen in Tokyo as solid U.S. manufacturing data for December and upbeat stocks lifted market sentiment, prompting players to sell the yen for the dollar, dealers said.
“An improvement in Chinese economic data also led to yen-selling,” a foreign exchange dealer said.
via Mainichi
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019