The Japanese yen is pushing higher against its American counterpart amid losses in the equity markets.
China reported a trade surplus for December 2018 mainly due to a slide in imports (domestic demand) and meager export growth (anemic global demand).
The mounting evidence of a slowdown in the world's second-largest economy and the global economy sent the Australian dollar and the Asian stock markets lower. As of writing, the S&P 500 futures are down 0.76 percent. Asian heavyweights like Nikkei, Kospi, Hang Seng, and the Shanghai Composite Index are all trading in the red.
That risk-off action is likely pushing the Japanese yen higher across the board. Notably, the USD/JPY pair has dropped more than 30 pips in the last four hours to a session low of 108.06 and may find acceptance under 108.00, as global growth fears are likely to reverberate through the financial markets in Europe and America.
Source : Fxstreet