Dollar Climbs to Upper ¥152s in New York as Rate-Cut Hopes Fade
Pre-FOMC position trimming, coupled with focus on the U.S.–Japan rate gap, kept yen selling in control.
Overview
- By 5 p.m. New York time on Oct. 29, the dollar traded at ¥152.68–78, about 64 sen stronger versus the yen than the prior close.
- Early in the session around 8:40 a.m., dollar/yen was near ¥152.21–31 before grinding higher through the day.
- Fed Chair Jerome Powell said a December rate cut is not a foregone conclusion, tempering expectations for continued easing.
- Position adjustments ahead of the FOMC favored dollar buying against the yen as participants reduced exposure.
- The euro held around $1.1596–1.1606 and about ¥177.10–20 during New York trading.