The US Dollar dipped against the Japanese Yen in Asian trading as investors’ fears grow over President Trump’s inability to move his economic policy agenda forward. Speculation over another possible defection in the White House administration, this time from Gary Cohn, a key advisor to President Trump on the US economy, has stirred investor demand for safe haven assets. Also weighing on the greenback was today’s terrorist attack in Barcelona, Spain which resulted in a number of casualties.
As reported at 1:32 am (JST) in Tokyo, the USD/JPY was trading at 109.345 Yen, down 0.09%; the pair had earlier hit a trough of 109.290 Yen, while the session’s peak is currently at 109.589 Yen. The USD/CHF is also down about 0.08% and trading at 0.9618 Swiss Francs, off the session low of 0.96075 Swiss Francs.
Euro Recovering From ECB Minutes
In the Eurozone, news from the European Central Bank’s latest meeting minutes resulted in a Euro sell off when it became clear that the governing council is concerned about repricing the Euro and a possible overshoot. This year alone, the Euro has gained nearly 12% versus the US Dollar. That reaction to the news is already being dismissed with the EUR/USD currently trading at $1.1733, a gain of 0.07%.