The dollar rose to its highest level in more than a year against the Japanese yen on Monday, approaching the key level of 152, before falling sharply amid a wave of trading worth $3.45 billion in options contracts due this week.
There was little change in the dollar later amid expectations that weak US consumer price index data scheduled for release on Tuesday will keep Treasury bond yields low as the market expects the Federal Reserve (the US central bank) to end its cycle of raising interest rates.
Analysts said that the dollar rose early in the session to 151.92 yen, the highest level since October 2022, about 20 minutes before the expiration of options contracts worth $1.25 billion at a price of $152.
The dollar suddenly fell to 151.20 minutes after the execution price deadline at 10 am EST (1500 GMT). Analysts said another $2.2 billion worth of options contracts were scheduled to expire on Wednesday.
The dollar rose in recent trading by 0.12 percent to 151.680 yen. The yen has fallen approximately 14 percent against the dollar so far this year.
The dollar index, which measures the performance of the US currency against six other currencies, fell 0.09 percent to 105.64.
The euro rose 0.15 percent to $1.0697, with the pound sterling rising after a reshuffle in key positions in the British government made by Prime Minister Rishi Sunak.
The British currency rose about 0.44 percent to $1.2279, and also rose about 0.27 percent against the euro at approximately 87.14 pence after news of changes in the composition of the British government.
2023-11-14 03:06:11
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