NY foreign exchange market = Yen hits 16-year low against euro; also hits new 34-year low against dollar | Reuters

NEW YORK (Reuters) – The Japanese yen depreciated against the dollar and euro at the end of the New York foreign exchange market. Ahead of this week’s Bank of Japan Monetary Policy Meeting, there continues to be concern about intervention by the Japanese authorities.

The euro/yen pair briefly hit 165.71 yen, the highest since 2008. The stock rose 0.4% to 165.67 yen at the end of the session.

The preliminary HCOB Purchasing Managers’ Index (PMI) for the euro area in April compiled by S&P Global was 51.4, a significant increase from 50.3 in March and the highest level in about a year. .See more

Meanwhile, the dollar/yen pair at one point reached a 34-year high of 154.88 yen, approaching the intervention level of 155 yen. At the end of the day, the price was almost unchanged at 154.79 yen.

Helen Given, a foreign exchange trader at Monex USA, said, “The 155 yen level for the dollar/yen is an important psychological milestone.” “Bank of Japan Governor Ueda has repeatedly stated that he will not raise interest rates solely to push up the yen, but there is a strong possibility that the authorities will take action in time for the meeting to be held on the 25th-26th.” .

The Bank of Japan is likely to leave monetary policy unchanged at this week’s meeting, which could trigger further depreciation of the yen, but added that “intervention could be carried out on the night of the 26th to prevent further depreciation to 160 yen.” “The sex is quite high.”

Meanwhile, the US Purchasing Managers’ Index (PMI) for April announced by S&P Global on the 23rd was 50.9, the lowest level in four months.See more

This weighed on the dollar/yen pair, and the dollar index also hit a two-week low of 105.61 at one point. The stock was down 0.4% at 105.66 at the end of the session.

The euro/dollar exchange rate hit a two-week high of $1.0711. The stock was up 0.5% at $1.0707.

Germany’s HCOB Purchasing Managers’ Index (PMI), compiled by S&P Global, was 50.5 in April, up from 47.7 the previous month and unexpectedly exceeding 50, the dividing line between boom and bust. .See more

As a result, the euro/pound pair briefly touched the three-month high of 0.8643 pounds hit the previous day. It closed down 0.3% at 0.8595 pounds.

The pound/dollar pair, which hit a five-month low the previous day, rose 0.8% to $1.2450. S&P Global/CIPS’ preliminary UK Purchasing Managers Index (PMI) for April was 54.0, up from 52.8 in March and the highest level in 11 months. That exceeded the expectations of all economists polled by Reuters.See more

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