Dollar/Yen Rangebound as Euro Struggles Against Dollar
The dollar/yen pair has been stuck in a tight range around 163 yen, while the euro/yen struggles to find footing against the dollar. In the morning session of the Tokyo foreign exchange market on the 30th, the dollar/yen briefly touched 163.46 yen but drifted lower and is currently hovering near 163.28 yen.
The euro/yen was initially bought up from 187.17 yen to 187.44 yen in the early morning, but its upside was capped as it tracked the softening dollar/yen, pushing it back down to around 187.23 yen currently.
Amid conflicting speculation over monetary policy trajectories of Japan and the United States, the dollar/yen continues to lack clear direction. The US Federal Reserve's interest rate cut expectations linger, while cautious views regarding additional rate hikes by the Bank of Japan remain entrenched.