USD/JPY at 104 on Haven Demand

The yen rose versus the dollar for the first time in seven days as investors sought haven assets before the presidents of Russia and Ukraine meet.

The greenback weakened against most of its 16 major peers as U.S. July durable goods orders excluding transportation fell. New Zealand’s dollar slid to the lowest in six months after the nation’s trade balance slipped into deficit while the euro touched an 11-month low against the dollar. Turkey’s lira gained on signs the central bank may pause monetary easing.

“Geopolitical risk continues to escalate,” said Michael Woolfolk, a global-markets strategist at Bank of New York Mellon in New York. “If you expect to see a further deterioration in conditions in Ukraine and northern Iraq, you’d want to be looking at these levels around 104 in dollar-yen to buy yen.”

Bloomberg

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