JPY Safe Haven Flow

The Japanese currency, seen as a safe haven, again hardened against the dollar to test the 110 mark as Washington was plunged into renewed uncertainty after foul-mouthed spin doctor Anthony Scaramucci was axed as White House communications director Monday, just 10 days after being named to the post.

“The Washington political train wreck and month end flow has left the US dollar teetering on the brink of a cliff,” said Stephen Innes, who heads Asia-Pacific trading at Oanda.

“After struggling through a torturous time last week, and just when it appeared the USD onslaught had abated, the dollar bulls were swallowed up by the expanding ‘DMV’ political sinkhole.”

However, the market remains cautious ahead of US payroll figures to be released on Friday, dealers said.

“It’s difficult to envision more dollar selling ahead of the US economic data,” Innes added.

AFP

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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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