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Yen stronger post-emergency meeting, dollar stays lower

Wednesday,   31-May-2023   08:06 AM (IST)

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. 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. 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 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.