Forex Marketz Daily Forex News – Fully Markets Update
The dollar was steady in the benchmark USD/JPY Forex market. Treasury yields rose from lows set thanks to an escalating trade feud between the United States and China. There are trader concerns that any trade rifts are will limit and recovery for the U.S. dollar.
The USD/JPY was steady this morning. The dollar was trading at 110.08 yen. This market had fallen to an eight day low of 109.55 on Tuesday. The weakness comes after President Donald Trump threatened to impose even more tariffs on China. China, in turn, threatened the same against U.S. goods. This added fuel to the fiver over tensions. This also started a bit of risk aversion and a selloff in global stock markets.
Dollar recovers against the Yen and the Euro this Morning
The dollar managed to bounce back against the yen this morning. There was some calm in global financial markets as Wall Street shares pared some losses overnight. U.S. Treasury yields also rose. They recovered from multi-week lows.
The yen is a safe haven asset during periods of political tension and market unrest.
The EUR/USD Forex market fell 0.05 percent to trade at $1.1584. The euro had hit a two week low at $1.1528 during North American trade hours. The European Central Bank President Mario Draghi said his bank would be patient with its future policy at the monetary policy forum in Portugal.
The safe haven Forex market, the USD/CHF. Was flat during Asian trade hours. This market was at 0.9948 franc per dollar. This market was up about 0.1 percent during North American trade hours.
Looking at U.S. economic data, stronger than expected data also supported Treasury yields. They came off lows set on Tuesday and supported the U.S. currency.
