US dollar lower vs the majors

Posted 12 March, 2018

The US dollar loses grounds vs the majors. At the same time, Japanese yen reversed direction and started rising on fast-paced political brawl in Japan.

The scandal in Japan caused by the sale of state land plot at a reduced price has already resulted in the resignation of the Head of the Revenue Service. At the same time, the opposition requires firing of the Finance Minister too, as reported Interfax.

According to the reports of the local mass media, Japan's Finance Ministry accepted the fact of falsification of the documents about the sale of the state land at a lowered price.

For reference, the land sale to a private school operator Moritomo Gakuen reportedly met the eye of the officials and the public back in February 2017, and the government eventually launched an investigation into this matter.

Notably, the Finance Ministry changed the records of the state land sales after the start of the probe. Specifically, the name of Japan's Prime Minister wife was deleted from these records.

Weaker positions of the US currency are mostly related to the expectations that the Federal Reserve is slow to raise interest rate due to the current labor market data in the USA. As the market analysts say, the labor reports fit the best for the market showing active labor market upturn as well as slower wage increase month-on-month (2.9% in January). As a result, such data makes a less possible faster revision of the interest rate in 2018.

The US dollar-to-yen exchange rate dropped to 106.55 (106.82 on Friday). Meanwhile, the euro against the US dollar rose to some $1.2332 ($1.2307).

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12 March, 2018 12:14

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