Singapore: On Thursday, the US dollar rebounded from a seven-month low against the yen, as trade discussions between the US and Japan sidestepped the topic of foreign exchange. Meanwhile, it made modest gains against other currencies in anticipation of the upcoming extended Easter holiday.
Since April 2, 2025, the Swiss franc has appreciated nearly 8%, marking the most significant increase among G10 currencies. Currently valued at 0.8167 per dollar, it is approaching resistance levels near a decade-high of 0.81.
The euro and yen have also seen substantial gains, each rising nearly 5% against the dollar in just over two weeks, suggesting they may be due for a slight correction.
In the Asian morning, the euro dipped slightly to $1.1362, yet it remains poised for a fourth consecutive weekly increase, despite expectations that the European Central Bank will implement a 25-basis-point rate cut later today.
The dollar reached a seven-month low of 141.62 yen during early Asian trading but subsequently recovered to 142.61.
The yen had strengthened ahead of the meetings, with hopes that an agreement could be reached to bolster its value against the dollar.
The dollar index edged up to 99.6, maintaining a relatively stable position for the week.
The kiwi traded above both the 50-day and 200-day moving averages at $0.5912 today. The Australian dollar weakened by 0.4% to $0.6343, as a rebound in employment data did little to alter market expectations for a rate cut in May.
Sterling paused at $1.3216, constrained by a weaker-than-anticipated inflation report released on Wednesday.
