USD/JPY at 102.10 as Russia Seeks Ukraine-Rebel Talks

The yen fell versus 16 major peers as concern eased about tensions in Ukraine after reports last week that Russia’s warplanes ended drills and the nation is seeking to mediate between Kiev and rebel forces.

The dollar held gains from last week against most Group of 10 currencies as traders added to bullish bets on the greenback at the fastest pace in more than a year. Demand was bolstered before a report this week predicted to show retail sales grew for a sixth month. Federal Reserve Vice Chairman Stanley Fischer speaks today, followed by remarks Aug. 13 from New York Fed President William Dudley.

“If the Ukrainian government and pro-Russian separatists engage in a dialogue, stock gains and a rise in Treasury yields could spur some dollar buying,” said Toshiya Yamauchi, a senior analyst in Tokyo at Ueda Harlow Ltd., which provides margin-trading services. “The yen is likely to come under selling pressure as geopolitical risks take a back seat.”

Bloomberg

Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.