Forex Marketz Daily Forex News – Fully Markets Update
During the Asian trade session, on Thursday, the Japanese yen firmed against its Forex trading peers as traders continue to worry about escalating trade tensions between the United States and China. There are also concerns over Brexit which supported the yen as risk aversion soured.
Looking at the benchmark USD/JPY Forex market, the yen gained 0.1 percent to trade at 110.24. The dollar has pulled back from a two week low at 110.675. This price point was set on Tuesday.
The EUR/JPY and the AUD/JPY Forex markets also saw the Japanese currency make gains as traders chose a safe haven asset class.
The GBP/USD Forex market was flat trading at $1.2663 after falling to $1.2625 overnight. That was the lowest price point since January 4.
The benchmark EUR/USD Forex market was also flat at 1.1154. This market is within reach of a two and a half week low price point at 1.1142 set on Tuesday. Traders are now waiting on the March 23-26 European parliamentary election.
The AUD/USD Forex market lost 0.1 percent to trade at 0.6876.
Traders Digest Trade War Tensions and Support the Safe Haven Yen
There are headlines that the United States will slap sanctions on Chinese technology company Hikvision. This is increasing trader worries about their ongoing trade war. These tensions are weighing on market wide sentiment as Asian stocks also fell today. Sentiment was briefly better after the U.S. moved to temporary ease sanctions against China’s Huawei Technology for 90 days. This is giving other telecom providers a chance to find an alternative solution.
The Brexit saga is also hurting sentiment. There is increasing pressure on U.K. British Prime Minister Theresa May to resign. This comes after her new Brexit deal, or attempt to find a consensus, backfired. A key ally of May has also resigned from her cabinet.
