Dollar Likely to Trade in 157.50-159.30 Yen Range This Week
Dow Jones10-13
0638 GMT - The dollar is likely to trade in the 157.50 yen to 159.30 yen range this week, says Sony Financial Group analyst Kumiko Ishikawa. Despite recent cues from the U.S. and Japanese central banks, the dollar-yen pair remains directionless, partly because markets have already priced in December rate hikes in both countries, she says. "With plenty of time remaining until December, markets are unlikely to rush to adjust their rate expectations in response to minor fluctuations in economic indicators. As a result, neither the dollar nor the yen is showing a distinct direction," she adds. The dollar last trades at 158.26 yen.
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