A surge in dollar buying observed during lunchtime (ロンフィク) pushed the USD/JPY higher to 161.72 yen.
【7/1Market Overview
In Tokyo time, the USD/JPY rose to161.19yen at the end of the month-to-month benchmark, but afterward stayed around161yen with little movement. In European time, USD/JPY hovered around161yen with range-bound trading.In NYyear bond yields rose and dollar buying led the way;6month USISM manufacturing index came in at48.5 versus expectations of49.2, pushing USD/JPY down to160.94yen. Thereafter, during the London fix (London time at 16:00, Japan time 24:00), on the back of dollar-buying around the end and start of the month, USD/JPY rose to161.72yen.
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