USD Remains Near 111 JPY Before Health Care Vote

The U.S. dollar remained under pressure in the lower 111 yen level Thursday in Tokyo amid caution ahead of a vote in the U.S. Congress on a health care bill put forward by Republican leaders and backed by U.S. President Donald Trump.

At 5 p.m., the dollar fetched 111.23-25 yen compared with 111.11-21 yen in New York and 111.50-51 yen in Tokyo at 5 p.m. Wednesday. It moved between 111.07 yen and 111.58 yen during the day, changing hands most frequently at 111.48 yen.

The euro was quoted at $1.0793-0795 and 120.05-09 yen against $1.0791-0801 and 119.99-120.09 yen in New York, and $1.0801-0802 and 120.43-47 yen in Tokyo late Wednesday afternoon.

The dollar’s upside has been heavy due to doubts about the ability of the Republican leadership to push through the bill to replace the signature health care program of the previous administration of President Barack Obama, dealers said.

via Mainichi

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza