Japanese safe-haven currency getting stronger

Posted 02 January, 2019

At the Asian session, the Japanese currency shows a rise making use of slackening stock markets on Monday.

The US Dollar index stands at some 95.708.

The safe haven, the Japanese yen, has improved positions against the US dollar at the Asian session. Specifically, the US dollar-to-yen exchange rate dipped to some 109.35 during the Monday session partly on negative Asian indices.

The greenback's faces selloffs due to concerns about a number of factors, including further global economic upturn, US government shutdown and potential of the interest rate revision by the US Fed in 2019.

At the same time, China posted negative economic data, which depressed Chinese stocks. PMI decreased to 49.7 in December (the rate below 50 shows slackening in the industry).

As for another Asian currency, Chinese yuan, the US dollar-to-yuan rate dropped to 6.8540. The market is still focused on the development of the conflict between Washington and Beijing, with optimism coming from Trump's statement about certain progress in the trade conflict settlement. The state media in China reported that Beijing will never step back in terms of the national interests. 

In the USA, the US President Donald Trump is reportedly ready to sign an agreement to back the government to the office. For reference, the US government suspended operations 11 days ago.

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