The yen edged higher on Wednesday but remained below multi-month highs after emerging markets stabilized, while the Australian dollar took a breather following a powerful rally.
The U.S. dollar eased 0.2 percent to 101.45 yen while the euro sagged 0.3 percent to 137.03 yen. Still, both the dollar and the euro remained above 11-week lows set on Tuesday, when the dollar hit a low near 100.76 yen and the euro fell to as low as 136.25 yen.
Analysts at BNP Paribas remained cautious about re-entering long dollar/yen positions, instead preferring to wait for further signs of stabilization in the risk environment.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at email@example.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.