US dollar weakens against Japanese yen on better safe haven demand

Posted 16 September, 2019

On Monday, the US dollar has lost grounds against the Japanese currency, though stays mostly stable in the pair with the euro. Demand for safe-haven assets improved after reports about attacks on Saudi oil production facilities.

During the Asian trading session, the euro-to-US dollar exchange rate was recorded at $1.1074, while the rate was at $1.1073 last Friday.

At the same time, the greenback decreased against the Japanese currency to some 107.85 (108.09 earlier).

This week the market participants will wait for the regular 2-day meeting of the US Federal Reserve. The results of the meeting are likely to be unveiled in the middle of the week. Notably, the analysts mostly agree that the US Central Bank will reduce the interest rate by 0.25%.

Besides, the Bank of Japan will also determine further monetary policy this week. The decision will be announced in the second half of the week.

Demand for safe havens improved after Saudi Arabia reported about air attacks. Specifically, a fleet of drones attacked production facilities in the Abqaiq and Khurais oil fields. As a result, oil production decreased by 5.7 million bbl per day, which is practically 50% of the total oil output in the country.

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