Yen bulls have a spring in their step courtesy of the currency view which U.S. President Donald Trump delivered from the White House on Monday. Tr
Yen bulls have a spring in their step courtesy of the currency view which U.S. President Donald Trump delivered from the White House on Monday.
Trump said a weak yen and yuan were “unfair” to the U.S. and that “I’ve called President Xi, I’ve called the leaders of Japan to say you can’t continue to reduce and break down your currency”.
With trade minister Yoji Muto set to visit the U.S. as early as next Monday seeking a tariff exemption, Japan will not want to get into an FX row with Trump – and may be secretly pleased should the yen strengthen through last week’s four-month high against the dollar near 148.50 before Muto’s trip.
Last week’s USD/JPY low was nearly 13.5 yen below July’s 34-year high circa 162 – the ascent to which prompted yen-buying FX intervention from Japan.
CFTC data on FX positioning showed the net yen long jumped by 58% to an all-time high of 95,980 contracts in the week ended February 25.
COMMENT-Trump’s FX accusation is music to ears of yen bulls — TradingView News
Yen bulls have a spring in their step courtesy of the currency view which U.S. President Donald Trump delivered from the White House on Monday. Tr
Yen bulls have a spring in their step courtesy of the currency view which U.S. President Donald Trump delivered from the White House on Monday.
Trump said a weak yen and yuan were “unfair” to the U.S. and that “I’ve called President Xi, I’ve called the leaders of Japan to say you can’t continue to reduce and break down your currency”.
With trade minister Yoji Muto set to visit the U.S. as early as next Monday seeking a tariff exemption, Japan will not want to get into an FX row with Trump – and may be secretly pleased should the yen strengthen through last week’s four-month high against the dollar near 148.50 before Muto’s trip.
Last week’s USD/JPY low was nearly 13.5 yen below July’s 34-year high circa 162 – the ascent to which prompted yen-buying FX intervention from Japan.
CFTC data on FX positioning showed the net yen long jumped by 58% to an all-time high of 95,980 contracts in the week ended February 25.
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