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Dollar sags versus yen

FOREX_dollar-sags-yen_FXPIG

The dollar eased against the yen on Wednesday, with the outlook clouded by worries that escalating U.S.-China trade tensions could exert a toll on the global economy and U.S. growth.
The dollar fell 0.1 percent to 106.50 yen, giving back some of the gains made on Tuesday, when it rose 0.6 percent against the Japanese currency.

The greenback gained on the yen the day before as risk appetite improved and Wall Street’s main indexes advanced, helping the U.S. currency stabilize after recent declines.

Considered a safe haven currency, the yen attracts demand in times of economic uncertainty and vice versa.

The outlook for the dollar remains clouded by global trade tensions.

The Trump administration on Tuesday raised the stakes in a growing trade showdown with China, announcing 25 percent tariffs on some 1,300 industrial technology, transport and medical products to try to force changes in Beijing’s intellectual property practices.

China’s Ministry of Commerce said it “will soon take measure of equal intensity and scale against U.S. goods.”

The dollar’s index against a basket of six major currencies fell 0.1 percent to 90.071.

The euro edged up 0.1 percent to $1.2281.

Analysts say investors are also focused on U.S. payrolls data and comments by Federal Reserve Chairman Jerome Powell on Friday, which should help determine the dollar’s direction.

BOJ Governor Haruhiko Kuroda had said on Tuesday that politics won’t get in the way of exiting ultra-loose monetary policy, signaling the BOJ’s resolve to whittle down stimulus when inflation hits its elusive 2 percent target.

The Australian dollar rose 0.4 percent to $0.7712, getting a boost after data showed a larger-than-expected rise in Australian retail sales in February.
Source: reuters.com

The dollar eased against the yen on Wednesday, with the outlook clouded by worries that escalating U.S.-China trade tensions could exert a toll on the global economy and U.S. growth.
The dollar fell 0.1 percent to 106.50 yen, giving back some of the gains made on Tuesday, when it rose 0.6 percent against the Japanese currency.

The greenback gained on the yen the day before as risk appetite improved and Wall Street’s main indexes advanced, helping the U.S. currency stabilize after recent declines.

Considered a safe haven currency, the yen attracts demand in times of economic uncertainty and vice versa.

The outlook for the dollar remains clouded by global trade tensions.

The Trump administration on Tuesday raised the stakes in a growing trade showdown with China, announcing 25 percent tariffs on some 1,300 industrial technology, transport and medical products to try to force changes in Beijing’s intellectual property practices.

China’s Ministry of Commerce said it “will soon take measure of equal intensity and scale against U.S. goods.”

The dollar’s index against a basket of six major currencies fell 0.1 percent to 90.071.

The euro edged up 0.1 percent to $1.2281.

Analysts say investors are also focused on U.S. payrolls data and comments by Federal Reserve Chairman Jerome Powell on Friday, which should help determine the dollar’s direction.

BOJ Governor Haruhiko Kuroda had said on Tuesday that politics won’t get in the way of exiting ultra-loose monetary policy, signaling the BOJ’s resolve to whittle down stimulus when inflation hits its elusive 2 percent target.

The Australian dollar rose 0.4 percent to $0.7712, getting a boost after data showed a larger-than-expected rise in Australian retail sales in February.
Source: reuters.com

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