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USD strengthens against yen

FOREX_USD-strengthens-against-YEN_FXPIG

The U.S. dollar rose to near a six-month high against the safe-haven Japanese yen on Tuesday and emerging market currencies like the Mexican peso, Brazilian real and Russian rouble also rose as global economic momentum appeared so far unscathed by trade tensions, prompting investors to buy riskier assets.

Investors may instead be focused on the positive outlook for second-quarter corporate earnings, which kick off this week. Credit Suisse projects that second-quarter revenue will grow by and earnings per share by 20.1 percent.

Against the Japanese yen, a currency usually bought in times of geopolitical uncertainty, the greenback was up 0.5 percent to a session top of 111.35 yen, abutting a six-month high. The dollar index, which measures the greenback against a basket of six major currencies, was close to flat in late North American trading, after having risen 0.4 percent on Tuesday morning to a session high of 94.475.

Emerging market currencies rose as risk appetite returned to the market. Major currencies across Latin America strengthened. It took 2 percent fewer Mexican pesos to buy a U.S. dollar. The percentage was 2.3 percent for the Brazilian real and 1.6 percent for the Russian rouble.

The British pound GBP recovered some of the losses suffered Monday after two ministers quit over the government's Brexit plans. Expectations that Theresa May will survive as prime minister to start negotiating her blueprint with the European Union briefly pushed sterling into positive territory on Tuesday, though gross domestic product data in line with forecasts and the stronger dollar weighed on the currency.

Source: reuters.com

The U.S. dollar rose to near a six-month high against the safe-haven Japanese yen on Tuesday and emerging market currencies like the Mexican peso, Brazilian real and Russian rouble also rose as global economic momentum appeared so far unscathed by trade tensions, prompting investors to buy riskier assets.

Investors may instead be focused on the positive outlook for second-quarter corporate earnings, which kick off this week. Credit Suisse projects that second-quarter revenue will grow by and earnings per share by 20.1 percent.

Against the Japanese yen, a currency usually bought in times of geopolitical uncertainty, the greenback was up 0.5 percent to a session top of 111.35 yen, abutting a six-month high. The dollar index, which measures the greenback against a basket of six major currencies, was close to flat in late North American trading, after having risen 0.4 percent on Tuesday morning to a session high of 94.475.

Emerging market currencies rose as risk appetite returned to the market. Major currencies across Latin America strengthened. It took 2 percent fewer Mexican pesos to buy a U.S. dollar. The percentage was 2.3 percent for the Brazilian real and 1.6 percent for the Russian rouble.

The British pound GBP recovered some of the losses suffered Monday after two ministers quit over the government's Brexit plans. Expectations that Theresa May will survive as prime minister to start negotiating her blueprint with the European Union briefly pushed sterling into positive territory on Tuesday, though gross domestic product data in line with forecasts and the stronger dollar weighed on the currency.

Source: reuters.com

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