Breaking News
Investing Pro 0
💎 Access the Market Tools Trusted by Thousands of Investors Get Started

Yen stronger post-emergency meeting, dollar stays lower

Published May 29, 2023 09:51PM ET Updated May 30, 2023 03:21PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. FILE PHOTO: U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio

By Hannah Lang

WASHINGTON (Reuters) - Currency markets were choppy on Tuesday as the dollar hit a 10-week high against peers and a six-month top versus the yen before retreating after Japanese officials gave their currency a nudge.

Japan will closely watch currency market moves and respond "appropriately" as needed, the country's top currency diplomat said on Tuesday after financial authorities met in response to a weakening in the yen to its softest in six months versus the dollar.

The yen strengthened on news of the unscheduled meeting, and held onto those gains, with the currency last up 0.42% versus the dollar at 139.85 having earlier risen to 140.93, its highest since November 2022.

Meanwhile the dollar oscillated in trading after U.S. President Joe Biden and Republican House Speaker Kevin McCarthy on Sunday signed off on an agreement to temporarily suspend the U.S. debt ceiling and cap some federal spending in order to prevent a debt default.

That helped the dollar index, which measures the U.S. currency against six major peers, hit 104.53 in European trading, its highest in 10 weeks. But it then retreated, falling as low as 103.870. It last fell 0.153% to 104.140, clawing back some of those earlier losses.

"A lot of that has to do with how oil has kind of fallen apart today," said Erik Bregar, director, FX & precious metals risk management at Silver Gold Bull.

Oil prices fell more than 4% on Tuesday as mixed messages from major producers clouded the supply outlook ahead of the OPEC+ meeting this weekend.

"People are scratching their heads: what does this mean for demand?" said Bregar. "And so with that, I think we've seen a little bit of a safe haven bid come back into the dollar."

Adam Button, chief currency analyst at ForexLive, hypothesized that the dollar's dip despite a deal on the debt ceiling could be chalked up to end-of-the-month profit taking.

"It's been a one-way trade in the dollar all month long, and given the uncertainty around the (U.S. Federal Reserve) and the economic outlook later in the year, some market participants are taking a bit off the table as the month turns," he said.

Looking ahead, the market will be closely watching a readout of nonfarm payroll data due on Friday, which could provide key insight into the strength of the U.S. labor market.

"The jobs run has been nothing short of spectacular and we're way overdue for disappointing jobs," said Button.

The euro was last up 0.12% to $1.0718, having earlier hit a two-month low, while the pound was last trading at $1.2391, up 0.26% on the day..

In crytocurrencies, bitcoin last rose 0.15% to $27,792.00 while ethereum last rose 0.78% to $1,909.25.


Currency bid prices at 2:56PM (1856 GMT)

Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid

Previous Change


Dollar index 104.1400 104.3100 -0.15% 0.628% +104.5300 +103.8700

Euro/Dollar $1.0720 $1.0706 +0.14% +0.05% +$1.0747 +$1.0673

Dollar/Yen 139.8550 140.4300 -0.41% +6.67% +140.9300 +139.5700

Euro/Yen 149.92 150.37 -0.30% +6.86% +150.6200 +149.7400

Dollar/Swiss 0.9063 0.9045 +0.22% -1.97% +0.9084 +0.9015

Sterling/Dollar $1.2392 $1.2359 +0.28% +2.48% +$1.2446 +$1.2328

Dollar/Canadian 1.3600 1.3593 +0.04% +0.36% +1.3613 +1.3569

Aussie/Dollar $0.6512 $0.6539 -0.41% -4.47% +$0.6559 +$0.6503

Euro/Swiss 0.9716 0.9682 +0.35% -1.81% +0.9718 +0.9673

Euro/Sterling 0.8648 0.8667 -0.22% -2.22% +0.8673 +0.8629

NZ $0.6042 $0.6054 -0.17% -4.83% +$0.6066 +$0.6026


Dollar/Norway 11.1930 11.1080 +0.81% +14.10% +11.2170 +11.0790

Euro/Norway 11.9963 11.8923 +0.87% +14.37% +12.0407 +11.8687

Dollar/Sweden 10.8742 10.8055 +0.65% +4.49% +10.8926 +10.7952

Euro/Sweden 11.6576 11.5818 +0.65% +4.56% +11.6735 +11.5803

Yen stronger post-emergency meeting, dollar stays lower

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your profile, will be public on and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email