US dollar down against Japanese yen on stronger demand for safe havens

Posted 02 August, 2019

The US dollar has lost grounds vs the Japanese yen due to better demand for safe havens amid concerns about the aggravation of the ongoing trade conflict. The fears followed the recent reports about Washington's plans to launch new import duties.

According to the market data, the US dollar-to-Japanese yen exchange rate was at 106.98, while the previous session was closed near 107.34.

The euro also strengthened during the Asian session. The rate was recorded at $1.1086.

At the same time, the pound sterling posted opposite dynamics and weakened to $1.2112. At the same time, yesterday's trading was closed at $1.2128.

The US President Donald Trump stated yesterday that Washington could impose a new 10% import duties on Chinese products worth $300 billion per year.

At the same time, Beijing trashed such American move. In particular, Chinese officials said that this path is hardly the right one to settle down the disagreements and conflict between the countries.

Apart from these reports, the extra impact can come from the labour market report to released today. According to the market experts, new jobs number is expected to rise by 165,000 in July, following the increase of 224,000 a month before. The unemployment rate is forecast to decrease to 3.6% (3.7% earlier).

Notably, the report can affect the monetary policy of the US Fed. For reference, the Central Bank reduced the interest rate for the first time since 2008 this week.

At the same time, Jerome Powell noted that the recent decline is not the start of a monetary softening series.

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