USDJPY Sags in Asia Trading

In Tokyo, the dollar weakened to 108.36 yen from 108.91 yen in Asia trade on Friday. A stronger yen is generally bad for Japanese shares as it dents exporters’ profitability.

“Geopolitical risk will continue to be closely monitored today as a strapping US Navy Armada moves within striking distance of North Korea,” said Stephen Innes, senior trader at forex firm OANDA.

“With all the military adventurism in play, those insidious wartime market correlations take force as the risk-off theme grips markets.

“To what extent the markets need to price in geopolitical risk more actively into their psyche will likely drive nearer term sentiment.”

Via AFP

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Stephen Innes

Stephen Innes

Senior Currency Trader and Analyst at OANDA
Stephen has over 25 years of experience in the financial markets and specializes in Asian currencies at OANDA. After having started his trading career with NatWest Bank, he is currently based in Singapore as a Senior Currency Trader and Analyst with OANDA, focusing on the movement of the Aussie Dollar and ASEAN Currencies. Stephen has an extensive trading experience in Interest Rate Futures, Money Markets and Precious Metals. Prior to joining OANDA, he worked with organizations like Cambridge Mercantile, Nat West, Garvin Guy Butler, Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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