Forex
Yen Trapped in Low Range as Aussie and Euro Move Against Dollar
The yen has been stuck in a low range of 163 against the US dollar, with no clear direction in foreign exchange trading on May 30th. The Australian market showed little conviction in early trading, with indicative quotes standing at 163.43-46 yen, slightly stronger than the previous day's level.
In cross-yen trading, the Aussie slipped to 113.68-70 yen, down from 114.24-25 yen the prior day. The New Zealand dollar traded largely unchanged at 94.80-83 yen.
The euro advanced against the dollar to $1.1467-1468, up from $1.1384-1385 the previous day. Market participants believe that the divergence in monetary policy between Japan and the US will continue to weigh on the yen.