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Yen Drops to 6-Week Low as U.S. Delays China Tarif


Thursday, 12 September 2019 08:12 WIB

Currency YenDolarYenUSD/JPY,


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The yen fell to a six-week low and Treasuries declined after President Donald Trump said he would set back the introduction of extra tariffs on Chinese imports by two weeks, sapping demand for havens. The Australian and New Zealand dollars rose.

Japan's currency weakened beyond 108 per dollar for the first time since Aug. 1 as Trump said in a tweet that the postponement was a “gesture of goodwill” ahead of China’s National Day. Treasuries dropped across the curve, led by 10-year futures.

USD/JPY advanced for a fourth day, gaining 0.2% to 108.01.

U.S. 10-year yields climbed 3bps to 1.77%, the highest since Aug. 8.

Trump said the increased in tariffs on $250 billion of China imports will be delayed to Oct. 15 from Oct. 1.

USD/JPY may rise toward 108.40 in the near term, but the greenback is expected to slow gains due to increased selling interest when it rises, said Hideki Shibata, senior rates and currencies strategist at Tokai Tokyo Research Institute.

Source : Bloomberg


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