News reports say "Iran ceasefire plan rejected," prompting a preference for dollar-buying amid a crisis.
【3/25Market Overview
In Tokyo time, the USD/JPY rose on the back of a rise in the Nikkei and dollar buying ahead of the fix, reaching as high as159.20yen, before pulling back to158.72yen. In European time, Iran's state broadcaster reported that “Iran rejected the ceasefire proposal presented by the United States,” triggering broad dollar buying. USD/JPY briefly surpassed the Asia session high159.20yen and rose to159.30yen. In NY time, with dollar buying as a backdrop for risk, USD/JPY4hours later159.50yen climbed. Also, during the London fix, as quarter-end and month-end approached, dollar buying was observed.
【3/26Market View
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